WOOD Flash – Severstal: 1Q20 trading update – weak coal volumes, and pricing down 5.5% qoq
Severstal published its 1Q20 trading update today (14 April). Volumes were broadly as expected, with consolidated steel sales up 4% qoq/-3% yoy. A scheduled longwall repositioning resulted in a 29% qoq fall in coking coal volumes, but this was expected. However, there was a 5.5% drop in average prices, despite price indices rising qoq from the lows of 4Q19, as sales occur with a lag. We see this as a negative for Severstal.
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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