London-listed Steppe Cement slumps on weak HY performance

Steppe Cement

12/07/2023 09:40

** Shares of Steppe Cement  STCM.L  slump 18.6% to 30.5p,
their lowest since Oct 7, 2022
    ** The Kazakhstan-based cement producer says it sold 749,034
tonnes of cement in HY, 10% lower than year-ago period
    ** Says cement sales fell 13% to ~17 bln tenge ($38.5 mln)
    ** Says avg price/tonne fell to KZT22,665 from KZT23,391
    ** STCM says cost of logistics, utilities and food items
rose, impacting overall production costs
    ** Shares currently down 15.7%, pushing YTD losses to about
33%
 
  
($1 = 441.7500 tenge)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))