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Evraz steel sales hit by weaker demand in North America

Published: 18:40 01 Nov 2019 AEDT

Evraz PLC -
Semi-finished revenues were up but finished products were down

Evraz PLC (LON:EVR) sales were flat in the third quarter as it bashed out 3.4% less steel due to repairs at its Siberian steel mill and weaker demand for its US and Canadian mills.

Steel production from its Russian homeland was down 1.8% quarter on quarter to 2,9543 kilotons (kt) and down 13% in North America to 427kt.

Over the nine months to end-September total steel production is up 4.5% to 10,366kt.

Sales remained flat quarter-on-quarter, with semi-finished revenues up 5.6% due to “better market conditions”, partly offset by a 3.1% drop in finished products due to lower sales of flat-rolled products decreased production in Italy as well as weaker demand in North America and railway products due to repairs at two Russian mills.

Production of raw coking coal fell 9.7% as stockpiles had built up too high as external sales volumes remained flat, while sales of vanadium products rose 9.8% due to increased demand in China.

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