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Severstal's hot metal, crude steel output up QOQ

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Severstal's hot metal, crude steel output up QOQ

PAO Severstal said Oct. 12 that the third quarter saw the company's hot metal output increase 8% quarter over quarter to 2.39 million tonnes and crude steel production up 6% to 2.98 million tonnes.

The higher numbers were attributed to the second quarter being impacted by short-term maintenance at blast furnace No. 5 at the Cherepovets steel mill.

However, consolidated steel product sales decreased 5% quarter over quarter to 2.65 million tonnes due to reduced activity of local traders and softened domestic steel demand.

Coking coal concentrate sales volumes fell 16% to 909,474 tonnes, while iron ore pellets sales slipped to 2.79 million tonnes from 2.85 million tonnes.

However, sales of iron ore concentrate inched up to 1.13 million tonnes from 1.11 million tonnes, as maintenance works in the previous quarter allowed the Olkon mine in Russia to continue reallocating extra volumes of iron ore concentrate to external markets.

Severstal also said the Severnaya coal mine in Russia will be sealed off to avoid further underground fire and explosions. The mine's operations were suspended in February after blasts left 36 miners and rescue workers dead. The disaster cost the company US$21 million in EBITDA.