Evraz steel production falls in 2015 despite fourth quarter bounce
A year-end update from Evraz revealed production by the steel group fell in 2015 despite higher output in the fourth quarter.
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With average steel selling prices in the fourth quarter varying by between a half and a third from 2014 prices, the FTSE 250 group reduced crude steel production by 8% over the year, or by 5% if excluding the reconsolidated Highveld Steel and Vanadium business.
In the fourth quarter, crude steel output increased 2% to 3.6m tonnes thanks to the completion of maintenance works at steel mills in the US and Ukraine.
Production of steel products, net of re-rolled volumes, was down 6% year-on-year, or down 4% without Highveld.
Steel product production was up 5% in the fourth quarter, on the back of an improved performance in Ukraine.
Raw coking coal output jumped 12% after work was done at Russia's Yuzhkuzbassugol mines, though production of coking coal concentrate was down 6% as a result of seasonally softer demand from the country's steelmakers.
Shares in Evraz were up 7% to 62.75p just after noon on Tuesday, still around their all-time lows.