WOOD Flash – NLMK: 3Q18 trading update – improving product mix
NLMK has just announced its 3Q18 trading update. Group steel sales grew 4.2% yoy and 0.8% qoq, but the sales mix improved, with finished steel sales up 6.3% qoq and 4.6% yoy. This was driven by higher long product volumes (+53% qoq and +25% yoy) due to an uptick in demand following the World Cup, which allowed NLMK to sell accumulated stocks. Guidance on pricing trends appears to suggest that steel prices fell slightly faster than raw materials qoq, but the weaker rouble and improved product mix should offset this and we should see margin growth qoq. We do not expect a significant market reaction to these numbers.
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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