The forecast relates to Q3 2020 Consolidated Financial Results under IFRS.
Q4 2020 outlook
- China: the pace of growth in output may exceed steel demand recovery later into the year. Business activity has not fully restored yet after the golden week
- Russia: seasonal slowdown coupled with possible albeit mild restrictions due to COVID-19 to weigh on consumption and prices in Nov-Dec with Oct remaining relatively strong
- Europe: as of now targeted and limited confinement measures to contain the virus should not pose a threat to the recovery in manufacturing, although further price growth might be capped
- USA: although demand in Q4’20 is seasonally lower, the current speed of capacities’ ramp up and demand recovery could support prices into year-end
Q4 results outlook
- Steel production at NLMK Lipetsk to be flat yoy in Q4’20 due to the completion of the second phase overhauls of blast furnace and steelmaking operations at NLMK Lipetsk. Therefore, we plan to reach our previously announced 2020 steel production target of 12.2-12.3 m t at NLMK Lipetsk