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The forecast relates to Q4 2019 Consolidated Financial Results under IFRS.

Q1 2020 outlook


  • the coronavirus-related production restrictions in multiple sectors and logistics constraints would be a wild card. The visibility of the impact on the global steel consumption is currently low. The event might have an indirect negative effect on steel prices across other regions through subdued economic activity
  • Russia: earlier than usual construction season start owing to mild weather conditions and coupled with limited supply due to overhauls at major mills should support prices
  • Europe: limited supply as a result of production cuts in Q3-Q4’19 and end of destocking to positively weigh on prices
  • USA: prices to be higher qoq, on average, subject to recent hikes sticking

Q1 results outlook

  • Q1’20 сrude steel output at NLMK Lipetsk to reach Q1’19 numbers following the completion of the first phase of 2019-2020 major repairs at blast furnace and steelmaking operations