The forecast relates to Q2 2019 Consolidated Financial Results under IFRS.

Q3 2019 outlook:


  • China: seasonal slowdown in consumption might negatively weigh on local prices during summer months
  • Russia: demand and prices to level off in H2’19 after strong seasonal recovery in 2Q’19
  • Europe: prices to remain at current levels, on average, during seasonally slow Q3’19 supported by temporary production cuts
  • USA: steel prices appear to be at the bottom with an upward trend emerging in July
  • Iron ore: potential decline in steel output in China combined with rising domestic iron ore production and imports could put some pressure on iron ore prices in H2’19

Q3 2019 results outlook

  • The Group’s crude steel output to decline 2-3% qoq due to the overhauls at NLMK Lipetsk blast furnace and basic oxygen furnace operations
  • Corresponding qoq reduction in shipments volumes, coupled with an increase in the share of finished and HVA products in our sales mix