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The forecast relates to Q1 2020 Consolidated Financial Results under IFRS.

Q2 2020 outlook


  • China: manufacturing activity has largely resumed, government injections into economy and infrastructure should stimulate steel demand in the short-term
  • Russia: the outbreak and containment measures have started to affect domestic economy and businesses almost a month later than in the EU and the US suggesting the back-to-normal conditions to start resurfacing in late June
  • Europe and USA: steel demand is expected to show doubledigit decline qoq with economic activity starting to revive towards the end of Q2’20. Reduced output would provide some support to supply & demand balance and prices

Q2 results outlook

  • We expect steel output at NLMK Lipetsk to reduce qoq due to the start of the second stage of overhauls at the site’s BF and BOF operations
  • Due to the revision of the investment programme amid the coronavirus outbreak, total investment in 2020 will amount to close to $0.9-0.95 bn, which is lower than the previously announced guidance of $1.1–1.2 bn due to the shift in the execution of a part of the projects and the devaluation of the ruble.