NLMK: 4Q16 production results – neutral and broadly in line with expectations
NLMK has reported its 4Q16 production results. Crude steel production was stronger than expected (7.5% above our estimates) following the completion of planned repairs in 3Q16. 2016 was a record year for NLMK in terms of crude steel output. However, consolidated sales volumes were 3% lower than expected. Although NLMK gave no breakdown on steel prices, the price guidance was moderately higher than we had modelled previously. We expect the market to see these results as neutral.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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