StockMarketWire.com - Evraz reported a fall in crude steel production as scheduled maintenance disrupted operations while lower demand weighed on sales.

In the third quarter of 2019, crude steel output decreased by 3.4% quarter-on-quarter, mainly due to 'lower production volumes at Evraz ZSMK amid scheduled capital repairs,' the company said.

Reduced output at its US and Canadian mills following scheduled downtimes and weaker demand also hurt output, the company added.

Steel product sales remained flat quarter-on-quarter, with sales of semi-finished products increasing by 5.6% due to better market condition, but was partly offset by a 3.1% drop in finished products due to 'lower sales of flat-rolled products and railway products,' the company said.

Sales of final vanadium products rose by 9.8% in the quarter, mainly due to 'increased demand in China,' it added.

Looking ahead, the company said that in the fourth quarter, crude steel output was expected to climb by as much as 5% compared with the average level for second and third quarters 2019.



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