WOOD Flash – Severstal: 3Q18 trading update – weaker-than-expected volumes
Severstal has just published its 3Q18 trading update. Steel sales volumes were weaker than we expected, falling 5% qoq and 5% yoy, and pellet volumes dropped 18% qoq, 9% below our expectations. Pricing was broadly in line, however, declining 3% qoq, implying an overall c.5% drop in steel revenues. Coking coal volumes improved 27% qoq, but we do not believe that Severstal will hit its original target of adding 370kt to coking coal sales in 2018E, given that this would require a 38% qoq increase in sales in 4Q18E. Overall, we see these numbers as a small 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.