Severstal: 4Q16 trading update – higher-than-expected steel output offset by lower-than-expected prices and mining volumes
Severstal has reported its 4Q16 trading statement. The results in the steel division were marginally better than expected. Sales volumes were 9% above our forecasts, but prices were 4% lower than expected (and behind the price growth quoted by EVRAZ and NLMK yesterday). However, the net impact on steel revenues should still be 5% above our forecast. Mining volumes were relatively disappointing, with coking coal concentrate volumes and iron ore concentrate volumes missing our forecasts by 11% and 4%, respectively. Overall, the news should be neutral for the share price, in our view.
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