It is reported that Ukrainian steel producer Ilyich Iron and Steel Works of Mariupol has announced that during the H1 of 2009 it has registered losses of UAH 700 million.
Mr Vladimir Boyko CEO of Ilyich said “In the H1 of 2009 we registered minus UAH 350 million for commercial products, while according to our accounting we had losses of UAH 700 million. He added that the plant’s current capacity utilization level amounts to 60%.”
Mr Boyko also stated that the situation in the world steel market continues to be far from stable. He said that “It is early to say that the crisis is finished and reached its bottom. The steel market is not balanced. In July and August we saw some reanimation, the steelmakers started to increase their output. Regardless, we cannot say what awaits us in October to December. First of all, it will depend on the processes happening in Europe, the US and also in China and the Middle East.”
As SteelOrbis previously reported, in January to August this year Ilyich reduced its finished steel product output by 43% and its pipe production by 66.8%YoY to 1.95 million tonnes and 23,800 tonnes respectively. In the period in question, Ilyich crude steel production decreased by 40.7%, its pig iron output by 36.8% and its agglomerate production by 45%YoY. The respective figures in metric tons were 2.72 million, 2.28 million and 5.02 million. (SteelOrbis)
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