WOOD Flash – NLMK: 1Q20 trading update – strong volume growth, as expected, but weaker mix
NLMK announced its 1Q20 trading update this morning (15 April). Group steel output and sales grew 11% and 8% qoq, respectively, following the completion of stage one of the BF/BOF overhaul programme, broadly in line with our expectations. However, the mix deteriorated qoq, as most of the growth came from semi-finished products, with third-party semis sales increasing 13% qoq (+25% qoq including sales to group companies) vs. flat qoq sales of finished products. Russian product sales fell 2% qoq, due to the seasonally weak demand and destocking, so the sales growth came from the US (+14% qoq) and the EU (+15% qoq). We see these results as broadly neutral for the share price.
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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