July 19, 2017 / 9:26 AM / 2 years ago

Evraz sees Russian Q3 crude steel output up 3 pct q/q

MOSCOW, July 19 (Reuters) - Russia’s No.2 steelmaker Evraz said on Wednesday it expected its third-quarter crude steel output in Russia and Kazakhstan to rise by 3 percent on the second quarter due to the completion of capital repairs in Russia.

Evraz, part-owned by Chelsea soccer club owner Roman Abramovich, said its second-quarter consolidated crude steel output rose 4 percent year-on-year and fell 9.5 percent quarter-on-quarter to 3.3 million tonnes. The fall was primarily due to the planned capital repairs.

Russian steelmakers are recovering from a two-year downturn as global prices improve and the economy rebounds from a slowdown sparked by sanctions and weakened oil prices.

Evraz’s assets in North America are expected to increase third-quarter crude steel output by 5-10 percent from 419,000 tonnes in the second quarter, it added.

“Results came in weaker than expected, but positive third-quarter production outlook together with strong steel market environment is more important,” BCS Investment Bank analyst Oleg Petropavlovskiy said in a note.

The London-listed shares of Evraz were down 1.5 percent at 234.7 pence by 0839 GMT, underperforming the FTSE 250 Index , which was down 0.2 percent. (Reporting by Polina Devitt and Diana Asonova; Editing by Alexander Winning and David Evans)

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