3Q17 trading update (neutral/small positive)
This morning, Severstal reported its 3Q17 trading update. Steel prices and volumes were better than we expected, resulting in gross revenue for the steel division being 11% above our forecast. However, the lower-than-expected internal production of raw materials should result in greater cost pressure than we expected initially; therefore, overall, the results should be taken as neutral/slightly positive by the market, in our view.PAO Severstal is an integrated Iron & Steel works company with a range of products: hot and cold rolled steel, roll-formed shapes and pipes, rolled sections, a large group of coke products and by-products. Co. also has various social responsibilities such as the operation and maintenance of sports complexes, holiday and recreational facilities and public housing. Co.'s operations are organized along three principal divisions: Severstal Russian Steel engaged in crude steel production; Severstal Resources engaged in the production of iron ore concentrate, pellets and coking coal; and Severstal International engaged in the production of high-quality flat-rolled products.
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