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Novolipetsk Steel

January 20, 2022

Q4 and 12M 2021 NLMK Group Trading Update

In Q4 2021, NLMK Group (LSE: NLMK, MOEX: NLMK) increased sales by 8% qoq to 4.5 m t as output grew by 16% qoq to 4.5 m t.

Q4 2021 highlights:

  • Steel output increased by 16% qoq to 4.5 m t (+16% yoy) as capacity utilization at NLMK Lipetsk grew after repair works in the steelmaking operations oxygen supply infrastructure in August 2021.

  • Sales grew by 8% qoq to 4.5 m t (+6% yoy) following output growth. Finished product sales grew by 12% qoq to 3.1 m t as capacity utilization at NLMK Lipetsk recovered. Year-on-year, finished product sales grew by 18% due to higher sales of galvanized and hot-rolled steel (in Q4 2020, repairs of corresponding equipment were performed). Group sales growth was slower than output growth as shipments of semi-products to third parties went down by 26% qoq (-16% yoy), due to higher intragroup slab shipments (+2.0õ qoq) and lower square billet supplies amid negative profitability in the context of export duties (-86% qoq).

  • Sales in NLMK’s “home” markets grew by 14% qoq to 3.2 m t (+20% yoy).

12M 2021 highlights:

  • Steel output grew by 10% yoy to 17.4 m t following equipment ramp-up after upgrades of BF and BOF operations at NLMK Lipetsk and output growth in the Russia Long Products and NLMK USA segments.

  • Sales stood at 16.8 m t (-4% yoy) amid recovery of intragroup slab supplies from NLMK Lipetsk to NLMK USA to 1.3 m t and lower commercial pig iron sales as steel output grew, which was partially offset by higher shipments of finished products to third parties.

  • Sales in NLMK’s “home” markets grew by 6% yoy to 11.4 m t due to higher supplies to the US (+27% yoy) and Russian markets (+9% yoy).

  • Export sales went down by 22% yoy to 5.2 m t due to the high baseline of 2020, when supplies were redistributed to external markets due to weak demand in Russia and the US amid strict quarantine measures.

Additional Materials

Press release

https://nlmk.com/download_file.php?FILE_ID=139790&ELEMENT_ID=111685&NAME=Q4+and+12M+2021+NLMK+Group+Trading+Update&PAGE_URL=%2Fen%2Fmedia-center%2Fpress-releases%2Fq4-and-12m-2021-nlmk-group-trading-update%2F

Databook

https://nlmk.com/download_file.php?FILE_ID=139791&ELEMENT_ID=111685&NAME=Q4+and+12M+2021+NLMK+Group+Trading+Update&PAGE_URL=%2Fen%2Fmedia-center%2Fpress-releases%2Fq4-and-12m-2021-nlmk-group-trading-update%2F


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