Steel sales slump at Evraz amid Russian export pressures
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Global steel and mining giant Evraz reported a slump in sales of its steel products last year after new rules on Russian exports put a squeeze on production.
The group reported that steel production fell 0.4 per cent last year compared to 2020, while sales slumped by 4.5 per cent compared to the previous year.
Bosses at the mining firm said that an export duty introduced in Russia last year had hindered output of semi-finished product for exports, while the completion of a contract with a key North American customer had also seen production levels take a dip.
But revenues firm reported an uptick in the fourth quarter of the year after the completion of reparation works works at its Raspadskaya, Osinnikovskaya and Yerunakovskaya-VIII mines, leading to a 7 per cent rise in in steel products in the fourth quarter.
The firm’s raw coking coal production also surged by 34.4 per cent in the final three months of the year, buoyed by Raspadskaya, Osinnikovskaya and Yerunakovskaya-VIII mines.
The firm said it expected the squeeze to continue into the first quarter of this year, with raw coal production expected to take a hit amid movements at three of its key mines.
Bosses also flagged “unfavourable mining and geological conditions” at its Esaulskaya mine would likely lead to further production pressures.