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Severstal's steel product sales grow in Q3 as crude steel output improves

PAO Severstal's crude steel production in the third quarter increased 4% over the prior quarter to 2.9 million tonnes.

Hot metal output in the three months, meanwhile, remained relatively stable quarter over quarter at 2.2 million tonnes, according to the Oct. 10 release.

Consolidated steel product sales increased 4% over the second quarter to 2.9 million tonnes. The Russian Steel segment also achieved a 4% increase in total steel products sales to 2.9 million tonnes.

The share of domestic sales volumes within the sales mix increased to 65% in the third quarter, from 60% in the previous quarter, as domestic demand improved on the back of the ongoing construction season.

High value-added products made up 49% of the sales portfolio, compared to 44% in the second quarter, driven by a destocking of large diameter pipes, as well as in cold-rolled, HDG and color-coated products.

Coking coal concentrate sales from Vorkutaugol jumped 11% to 914,737 tonnes in the third quarter, driven by an increase in production.

Sales of iron ore pellets dropped 17% quarter over quarter to 2.4 million tonnes, despite an increase in output, due to the higher share of finished goods in transit and accumulation of stocks at the end of the third quarter. The company said it expects pellet sales to pick up.

Meanwhile, iron ore concentrate sales were down 13% on a quarterly basis to 1.1 million tonnes.

In the first nine months of the year, crude steel production decreased 1% to 8.6 million tonnes, and hot metal output declined 2% to 6.8 million tonnes, on a yearly basis.

Sales of consolidated steel products and products from the Russian steel segment improved 3% year over year to 8.1 million tonnes and 8.2 million tonnes, respectively.