I-Bytes Resources industry

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I-Bytes
Resources
August Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................39
3. Rewards and Recognition Updates...................................................................................................................55
4. Customer Success Updates................................................................................................................................61
5. Partnership Ecosystem Updates.......................................................................................................................65
6. Miscellaneous Updates......................................................................................................................................78

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Financial, M & A
Updates Resources Industry

Financial, M&A Updates
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ALROSA Group’s (Russia) Q2 and 6M 2020 IFRS results
• In Q2, revenue decreased by 83% q-o-q (down 82% y-o-y) to RUB 10.4 bn, due to lower
sales in carats which shrunk 93% q-o-q (down 92% y-o-y).
• EBITDA1 in Q2 decreased to RUB 0.1 bn (down 100% q-o-q and y-o-y) on the back of a
substantial sales drop which was partially offset by optimization initiatives.
• EBITDA margin in Q2 amounted to 1% (down 47 pp q-o-q and 43 pp y-o-y).
• Net profit in Q2 stood at RUB 0.3 bn (down by RUB 2.8 bn q-o-q and RUB 13.2 bn y-o-y),
which also reflected the significant drop in revenue.
• Free Cash Flow (FCF) in Q2 turned negative at RUB 30 bn on the back of the decline in
operating cash flow to minus RUB 25.6 bn (down RUB 50 bn q-o-q and RUB 33 bn y-o-y).
Capex was RUB 4.5 bn (flat y-o-y).
• Net debt / LTM EBITDA as at the end of Q2 grew to 1.2x (Q1’20: 0.7х).
• 2020 outlook (no changes to the previously published figures): Production – 28–31 m ct (vs
the previous guidance of 34 m ct); CAPEX – RUB 20 bn (previously: RUB 22 bn)
Executive Commentary
ALROSA’s CFO: “In Q2 2020, consumption of jewelry in the key markets significantly
declined as a result of the steps taken by a number of countries to contain the spread of
the COVID-19. Both retailers and diamond cutters and polishers had sufficient stocks
accumulated previously to meet the decreased demand. Taking that into account, the
key mining companies, including ALROSA, decided to support their customers by
allowing them not to purchase volumes under effective contracts so that they can work
down their previously accumulated stocks. This decision helped to avoid market
overstocking that would have only aggravated the situation and delayed the industry’s
recovery. Due to that, our performance in Q2 was low as expected – proceeds from
diamonds’ sales in this period amounted to $87 m. The retail sector is already showing
signs of recovery – in June, demand for jewelry in the US rose 1.9% y-o-y, and the
consumer activity in China increased too. We are also seeing the first signs of growth in
diamond imports to India as exports of polished diamonds recover. For now, this growth
has been met by existing diamonds’ stocks at the mid-stream cutters, but we believe that
the cutters’ purchasing activity will start to recover in September ahead of the seasonal
growth in demand for polished diamonds in November–January. Obviously, if this
scenario materialises, the demand will still be “cautious” anyway. Besides, we cannot
rule out the possibility of the “second wave” of the virus, which can tame the nascent
recovery”.
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Key Financial Highlights

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Anglo American (United Kingdom) Reports 2020 Interim Results
• Generated underlying EBITDA* of $3.4 billion, a 39% decrease
• Profit attributable to equity shareholders of $0.5 billion (30 June 2019: $1.9
billion)
• Net debt* increased to $7.6 billion (21% gearing), due to investment in growth
and temporary working capital build-up at De Beers and PGMs
• Interim dividend of $0.28 per share, consistent with our 40% payout policy
• Investing in high quality growth in later cycle products, including Quellaveco
(copper) and Woodsmith (fertilizer)
• Working towards exit from remaining South African thermal coal operations
• Targeting carbon neutrality across operations by 2040
Chief Executive of Anglo American, said: “The first half of 2020 has tested
society to its limits and I am encouraged by – and proud of – how our people
have pulled together to do what’s right for each other, our business and for
society as a whole. Anglo American acted quickly at the onset of the
pandemic to protect both the health of our people and host communities
through our global “WeCare” lives and livelihoods programme. At the same
time, we secured the continuity and integrity of our operations. The pandemic
did materially impact production, with varying degrees of lockdown being the
main driver for our 11% overall reduction in output and 16% decrease in
revenue, alongside operational incidents at PGMs and Met Coal. These
reductions were partially offset by strong performances from our Brazilian
iron ore and Chilean copper operations. By the end of June, we were back at
c.90% capacity across the portfolio and the significant transformation of our
underlying operational capabilities that has made the business more resilient
helped to deliver $3.4 billion of underlying EBITDA”.
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Antofagasta plc. (United Kingdom) Reported 2020 Half Year Financial Results
• Revenue for the first half of 2020 was $2,139 million, 15.3% lower than the same period in 2019
mainly as a result of lower realised copper prices and sales volumes, partially offset by the increase in
the realised gold price
• EBITDA was $1,013 million, $293 million lower than in the same period last year on lower revenue
partially offset by lower operating costs due to the weaker Chilean peso, lower input costs and
continued tight cost control
• EBITDA margin was 47.4%, compared to 51.7% in H1 2019
• The Cost and Competitiveness Programme generated savings of $78 million in the first half of 2020,
equivalent to 8c/lb of unit cash costs
• Net debt decreased by $244 million to $320 million during the period following the refinancing of
Antucoya. The net debt to EBITDA ratio fell to 0.15 times
• Capital expenditure of $549 million was 42% of full year guidance, and while growth projects have
been temporarily suspended since March, engineering and procurement work has continued
• Earnings per share from continuing operations and excluding exceptional items were 17.8 cents per
share, this was 12.9 cents per share lower than in HY 2019 due to the fall in EBITDA and higher
depreciation and amortisation, partially offset by lower net interest expenses and lower tax
• Earnings per share including exceptional items fell from 30.7 cents per share to 13.7 cents per share
• Exceptional after-tax loss of approximately $61 million with an impact on attributable net earnings
of $40 million as a result of the impairment of an indirect 40% interest in the Hornitos coal fired
power station prior to its final disposal in 2021. This was part of the value accretive renegotiation of
Centinela’s power purchase agreement which as a result will be wholly supplied from lower cost
renewable sources from 2022
• Interim dividend of 6.2 cents per share, equivalent to a payout ratio of 35% of underlying net
earnings, consistent with our dividend policy
Antofagasta plc CEO said: “Following the outbreak of COVID-19 and its impact on consumer
markets, the realised copper price was 12.5% lower compared with the same period last year and
this impacted our revenue. However, despite these challenges the Group had a strong operating
and cost performance with copper production of 371,700 tonnes, sales volumes falling by only
2% compared to the first half of 2019, and a 6% improvement in net cash costs, aided by savings
of $78 million from our Cost and Competitiveness Programme. As the COVID-19 emergency
has unfolded during the period, our focus has been on the health and safety of our employees and
contractors, and the communities near our operations. Our growth projects have been temporarily
suspended and we have been running our operations with approximately two-thirds of the
workforce on-site, with the remainder either quarantining or working remotely. During this
period, we also completed our final power contract that will allow all our mining operations to be
using 100% renewable power from 2022 at lower cost.”
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Aurubis(Germany) continues to successfully make its way through the coronavirus
crisis
• The Aurubis Group generated operating earnings before taxes (EBT) of € 133 million in the
first three quarters of the current fiscal year, exceeding the same period of the previous year
(€ 125 million). A good operating performance boosted concentrate throughput, though
treatment and refining charges were lower. A higher metal gain with increased precious
metal prices had a positive impact.
• Lower sulfuric acid revenues resulting from significantly reduced sales prices strained the
result. A distinct decline in demand for wire rod, shapes, and flat rolled products also had a
negative impact compared to the previous year.
• Aurubis increased revenues to € 8,869 million (previous year: € 8,681 million) due to
higher precious metal prices in particular. Operating ROCE improved to 8.5 % (previous
year: 7.3 %). Aurubis has secured the supply for the smelter network in insecure times
thanks to higher inventories of input materials. At € 166 million as at June 30, 2020, the net
cash flow was significantly above the low prior-year level (€ -240 million) due to precious
metal sales at increased market prices and cathode sales to Asia.
• Aurubis achieved EBT of € 248 million from continuing operations on an IFRS basis
(previous year: € 135 million).*
• For the first time following the acquisition of the recycling company Metallo on May 29,
2020, the new sites in Beerse (Belgium) and Berango (Spain) were included in the
consolidated financial statements in June.
“The past quarter was very challenging with regard to external factors due to the global
coronavirus crisis,” summarized Aurubis AG Executive Board Chairman.
“Nevertheless, the commitment, flexibility, and discipline of our employees, together
with agile crisis management, ensured that we kept coronavirus infection numbers at a
very low level at Aurubis and continued production at our smelter sites largely
unaffected. Furthermore, the robust nature of our business model has proven itself once
again during the pandemic, a fact that is reflected in the strong result.”
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BlueScope (Australia) delivers $564m FY2020 underlying EBIT and maintains a
strong balance sheet
Key Financial Highlights:
• BlueScope reported FY2020 net profit after tax (NPAT) of $96.5 million, including a $197.0 million non-cash write-down of the New Zealand and Pacific
Islands segment. Underlying NPAT was $353.0 million.
• These results show the strength of BlueScope’s business model, our financial disciplines and most importantly the quality of our BlueScope team.
• The Company’s underlying EBIT was $564.0 million which was a strong result in the context of the COVID-19 pandemic and the decline in steel spreads.
• In the second half, we delivered underlying EBIT of $261.6 million.The entire BlueScope team has rallied together to deliver this solid outcome.
OUTLOOK FOR 1H FY2021
• A the beginning of 1H FY2021, lagged steel spreads in North America and Asia are lower than 2H FY2020 averages; orders and despatches in Australia remain
stable and North Star is despatching near full capacity. There is a high level of uncertainty in the current environment given the risks of COVID-19 events which
could disrupt demand, supply chains and operations, combined with broader macroeconomic weakness dampening demand.
• In light of this, BlueScope is not providing specific underlying EBIT guidance for 1H FY2021. An update on trading conditions will be provided at BlueScope’s
Annual General Meeting on 19 November 2020.
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CEMEX´s (Mexico)cost containment efforts translate into higher margins
• The decline in quarterly consolidated Net Sales was due to lower volumes
for our three core products in almost all regions. The US was the one
exception with cement volumes growing 6%. Impact of volumes was highly
correlated to government COVID-19 restrictions.
• Operating Earnings before Other Expenses, net, decreased 17% to US$279
million on a like-to-like basis.
• Controlling Interest Net Income (loss) was a loss of US$44 million,
compared with a Net Income of US$155 million in the same quarter of 2019.
• Operating EBITDA on a like-to-like basis decreased 6% during the quarter
to US$554 million, as compared to the same period in 2019.
• Operating EBITDA margin increased by 0.7pp, from 18.3% in the second
quarter of 2019 to 19.0% this quarter.
• Free Cash Flow after Maintenance Capital Expenditures for the quarter was
US$140 million.
• Net debt plus perpetual notes marginally increased sequentially by US$51
million during the quarter.
“Despite the unprecedented conditions in which we are operating due to
the pandemic, I am pleased with our second quarter performance and our
quick reaction to implement cost containment measures across all
geographies. In the quarter, we saw a rapid V-shaped volume recovery in
our core products from trough levels in April, reaching slightly below pre
COVID-19 volumes in June. Importantly, our health initiatives have
helped protect our employees, customers, suppliers and communities, and
allowed us and our customers to continue operating in most markets. Our
digitalization efforts have also paid off as usage continues to expand on our
digital platforms and our sales force has leveraged new tools to connect
with our customers virtually. We expect that COVID-19 will continue to
challenge our operations in new ways over the next few quarters. We will
continue to prioritize the safety of our employees and customers, improve
our customer experience, and protect the future of our company,” said
CEO of CEMEX.
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CEMEX (Mexico) closes divestment of certain assets in the UKAirFinance
Debt Business
CEMEX, S.A.B. de C.V. announced that it has successfully closed the previously announced sale of certain assets in the United
Kingdom to Breedon Group (“Breedon”), for a total consideration of approximately U.S.$230 million, which includes approximately
U.S.$30 million of debt. The assets generated approximately U.S.$29 million of EBITDA in 2018. CEMEX remains committed to the
United Kingdom and maintains a significant footprint in key geographies. It retains the core of its integrated business, encompassing
cement production, ready-mix concrete, aggregates, asphalt, and paving solutions, among others. With the closing of this transaction,
CEMEX has met its stated asset sales target of between U.S.$1.5 billion and U.S.$2.0 billion, under its “A Stronger CEMEX” plan that
runs from June 2018 until the end of 2020. Proceeds from this divestment will be applied for debt reduction and for general corporate
purposes. CEMEX is a global building materials company that provides high-quality products and reliable services. CEMEX has a rich
history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to
promote a sustainable future.
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CNX Resources Corporation (United States) to Acquire Remaining Public Stake in
CNX Midstream Partners LP
CNX Resources Corporation and CNX Midstream Partners LP announced that they have entered
into a definitive merger agreement pursuant to which CNX will acquire all of the outstanding
common units of CNX Midstream that it does not already own in exchange for CNX common
stock valued at approximately $357 million, based on the most recent closing price of CNX
common stock. Under the merger agreement, each outstanding common unit of CNX Midstream
that CNX does not already own will be converted into 0.88 shares of CNX common stock,
representing a 15% premium to the average exchange ratio during the 30 trading days ended July
24, 2020. Pursuant to the terms of the merger agreement, CNX will acquire all of the
approximately 42.1 million outstanding common units of CNX Midstream that it does not already
own at a fixed exchange ratio of 0.88 shares of CNX common stock for each publicly held
common unit of CNX Midstream. CNX Midstream common units will no longer be publicly
traded after the transaction. In aggregate, CNX will issue approximately 37 million shares in
connection with the proposed transaction, representing approximately 17 percent of the total
shares outstanding of the pro forma combined entity. Following completion of the transaction, all
senior notes of CNX Midstream will remain outstanding and no additional payments will be
made to CNX in connection with the elimination of the incentive distribution rights transaction
from January of this year. The transaction terms were negotiated, reviewed and approved by the
Conflicts Committee of the CNXM Board and approved by the CNXM Board. The CNX
Midstream Conflicts Committee is composed of the independent members of the CNXM Board.
The Board of Directors of CNX also approved the merger agreement.
"We believe that this take-in transaction of CNX Midstream Partners is the optimal solution
for all relevant stakeholders given the near- and long-term view of the MLP market,"
commented, president and CEO. "We expect the combined entity to be an even stronger
company with a lower cost of capital and increased investable free cash flow. CFO, added,
"Following the completion of the transaction, CNX is expected to be the lowest cost producer
in the Appalachian Basin, with increased operational flexibility and basin leading operational
metrics. Stockholders of CNX and unitholders of CNX Midstream are expected to benefit
from a combination of synergies including improved equity trading liquidity, enhanced
financial flexibility to optimize cash flows, and an improved credit profile."
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CNX (United States) Reports Second Quarter Results
• Reported a net loss attributable to CNX shareholders of $146 million, or a loss of $0.78 per
diluted share, including an unrealized loss on commodity derivative instruments of $206
million.
• Adjusted net income (a non-GAAP measure)(1) was $24 million.
• Adjusted EBITDAX (a non-GAAP measure)(1) was $212 million.
• Net cash provided by operating activities was $144 million and capital expenditures were
$135 million.
• Proceeds from asset sales were $12 million.
• Consolidated free cash flow (FCF) (a non-GAAP measure)(1) was $21 million.
• Received $29 million in net proceeds from monetizing and terminating approximately 39
million MMBtus of NYMEX natural gas hedges and a similar quantity of financial basis
hedges that were to settle at various times from May through November of 2020.
• Completed private offering of $345 million aggregate principal amount of 2.25%
convertible senior notes due 2026.
• Used net proceeds of convertible debt offering to pay down 5.875% notes due in 2022.
CNX has paid down the aggregate principal amount of its 2022 notes by approximately $482
million year-to-date.
"The second quarter highlights our philosophy in action with lower quarterly production
cash costs, positive free cash flow, a balance sheet strengthening convertible notes
offering, and navigating a challenging commodity price environment by efficiently
deferring volumes to higher price periods," commented President and CEO. "We remain
committed to making capital allocation decisions to maximize the long-term intrinsic
value per share of the company. There are three main tenets that underlay our plan. First,
we generate free cash flow on a day in, and day out basis. Our programmatic hedging
helps drive our free cash flow generation and will continue to be a key tactic in the
future. There are various other considerations that drive the free cash flow generation of
the company such as low lease operating expense and low capital intensity; our blending
strategy to avoid expensive processing fees; and our ability to reuse frac water to
maintain a healthy water balance, to name a few. Second, we take the organic free cash
flow that we generate and roll in a very modest amount of assets sales, which produce
our cumulative free cash flow. Over our 7-year plan, we expect to generate over $3
billion of cumulative free cash flow(a), which leads to the third and last tenet: allocate
that free cash flow into the right places at the right times. We are constantly evaluating
redeploying capital back into the drill-bit, reducing debt, share buybacks, and M&A. We
want to allocate capital to the right places, while maintaining great liquidity. Given the
continued weakness in gas macro, our focus remains on debt reduction, which we feel is
the best way to maximize the long-term intrinsic value per share of the company at this
time."
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CRH (Ireland) Reports Interim Results 2020
• Sales Revenue were $12.2bn
• EBITDA was $1.6bn
• EBITDA Margin were 13.0%
• Operating Cash Flow was $1.0bn
• Health & safety remains its number one priority
• Robust performance in a challenging environment
• Decisive reaction to evolving market backdrop
• EBITDA and margin ahead despite lower sales
• Record cash generation; further underpinning financial strength & flexibility
• $3.8bn improvement in net debt position; $10bn of available liquidity
• Continued dividend delivery; interim dividend in line with prior year
• Q3 EBITDA is expected to be in line with prior year
• Limited visibility for Q4 and into 2021
• Focused on continuing to improve profitability, margins & cash
Chief Executive said: “Our first-half performance is testament to the hard
work and dedication of all our people during a very challenging and
uncertain period. As ever, health and safety are our number one priority
and our primary focus is to provide a safe working environment for all of
our employees. As a Group we took swift and comprehensive action in
response to the COVID-19 crisis, and our ability to flex our cost base and
deliver improved profitability, margins and cash generation in a rapidly
evolving environment demonstrates the strength and resilience of our
business. The outlook for the rest of the year and into 2021 remains
uncertain and is dependent on an improving health situation across our
markets.”
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EVRAZ (United Kingdom) Q2 2020 trading update
• In Q2 2020, EVRAZ’consolidated crude steel output fell by 5.1% QoQ, mainly due to capital repairs and gas pause at EVRAZ ZSMK in June as well as capital
repairs at EVRAZ NTMK in May.
• Total sales of steel products rose by 4.9% QoQ. Sales of semi-finished products increased by 19.5% QoQ following change in the product mix in favour of slab
and billets resulted from decline in demand for finished products during the COVID-19 pandemic.
• Sales of finished products fell by 6.9% amid weak market demand in Russia and North America as well as due to lower production volumes in Russia following
scheduled capital repairs.
• Total raw coking coal production decreased by 26.8% QoQ, driven by weaker demand for coal on global markets. Production at the Razrez Raspadsky open
pit and at Mezhegeyugol has been suspended until favourable market conditions are restored. The decline was also due the move of the longwall at the
Alardinskaya mine.
• External sales volumes of coking coal products dropped by 14.6% QoQ, caused by lower shipments to Europe amid unfavourable market conditions.
• External sales of iron ore products jumped by 25.6% QoQ amid higher shipments to the domestic market in Q2 2020.
• Sales of vanadium products fell by 22.6% QoQ mainly due to lower steel utilisation rates as well as general decrease of vanadium demand following COVID
19 restrictions. The regional sales and product mix were changed to serve the more active Chinese oxide market during Q2 2020.
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EVRAZ (United Kingdom) announces unaudited interim financial results for H1
2020
• Positive free cash flow of US$315 million (H1 2019: US$692 million).
• Consolidated EBITDA totaled US$1,073 million, down 27.6% YoY from US$1,482
million in H1 2019, driving the EBITDA margin down to 21.5% from 24.1% due to lower
vanadium, coal and steel product prices. This was partly offset by a US$251 million effect
from cost-cutting and customer focus initiatives.
• Total debt increased by US$229 million to US$5,097 million, net debt increased by
US$288 million to US$3,733 million.
• Net profit was US$513 million, compared with US$344 million in H1 2019.
• An interim dividend for 2020 of US$291.37 million (US$0.20 per share) has been declared,
reflecting the Board’s confidence in the Group’s financial position and outlook.
• The cash cost of slabs decreased to US$210/tonne from US$230/tonne in H1 2019
• The cash cost of washed coking coal was flat at US$34/tonne in H1 2020 over H1 2019
• The cash cost of iron ore products was flat at US$38/tonne in H1 2020 over H1 2019
Commenting on the results, EVRAZ’ Chief Executive Officer, said: The first half of
2020 was dominated by the global fight against the COVID-19 pandemic. The
restrictive measures imposed by the governments of various countries have had a
significant impact on the level of consumption of steel products around the world. Prices
have reflected this situation, dropping sharply in comparison with the first half of 2019.
Despite market turbulence, EVRAZ was able to achieve EBITDA of almost US$1.1
billion, a 28% decline in year-on-year terms. This result was achieved despite lower
steel, vanadium and coking coal prices as well as weakening market demand in North
America that led to lower sales of tubular and flat-rolled steel products. To provide
additional financial flexibility amid the COVID-19 pandemic, the Group bolstered its
cash position through additional borrowing. This resulted in a slight increase in net debt
to US$3,733 million, as at 30 June 2020 (US$3,445 million as of 31 December 2019),
which together with the lower EBITDA, led to a moderate increase in the last twelve
months EBITDA to net debt ratio to 1.7 times, compared with 1.3 times as at 31
December 2019. Cost-cutting and productivity improvement initiatives combined with
customer focus efforts generated a total EBITDA effect of US$251 million.
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First Quantum Minerals (Canada) Reports Second Quarter 2020 Results
• Sales revenues for the quarter of $1,014 million, an increase of 8% from the comparable period of 2019
primarily driven by copper and gold sales from Cobre Panama and higher sales from Las Cruces offset by
lower realized copper prices and the timing of sales at Sentinel delayed by an outage at a third party smelter.
• $155 million of cash flows from operating activities ($0.23 per share1) generated during the quarter was
slightly lower than the same period in 2019 as a result of a $26 million increase in taxes paid.
• Gross profit of $141 million for the quarter compared to $196 million for the same period in 2019.
• Comparative EBITDA1 of $352 million for the quarter compared to $376 million for the same period in
2019.
• Realized price for copper of $2.60 per lb for the quarter was 7% lower than the same period in 2019. This
compares to a decrease of 12% in the London Metal Exchange (“LME”) average copper price, to $2.43 per
lb, for the same period.
• The Company’s copper sales hedge program contributed $77 million ($0.22 per lb) to sales revenues in
the quarter, compared to a $19 million sales hedge gain ($0.06 per lb) in the same quarter of 2019. The
Company’s nickel sales hedge program contributed $9 million to sales revenues in the quarter.
• Subsequent to the end of the quarter, as a result of increased copper prices and given uncertainty around
the impact of COVID-19, the Company has taken the opportunity to extend its copper sales hedge program
to mitigate any future price risk. At July 28, 2020, the Company had hedge positions for 416,200 tonnes of
copper using unmargined copper forward and zero cost collar sales contract with an average floor price of
$2.70 per lb. This represents approximately half of the Company’s expected sales for the next 12 months.
• Ended the quarter with $882 million in net unrestricted cash and cash equivalents, current working capital
of $1,078 million and is in full compliance with all financial covenants.
“Although the second quarter of 2020 has brought unprecedented challenges around the globe, the
Company has shown resilience and performed very well financially and operationally. Copper
production from our Zambian operations, in particular, was strong and Sentinel achieved record low
unit costs for the quarter. Our organization has had to change and adapt in order to protect the health
and welfare of our workforce and communities, while ensuring the continuation of the business in
these uncertain times. With this in mind, we’ve been proactive in taking steps to provide stability to
future cashflows with the expansion of our sales hedge program in July, as copper prices continue to
rise significantly from low prices experienced for much of the quarter,” commented Chairman and
CEO. “We are indebted to our workforce at the front line in our mines, many of whom have been
unable to return to their family and homes for long periods as a result of quarantine requirements,
rotation timings and travel restrictions. I would like to thank all of our people who have made these
personal sacrifices and recognize the significant contribution they continue to make to the success of
the business. I would also like to express our sincere condolences to those who have been ill and
especially to the families and colleagues of the five employees and contractors who very sadly died in
Panama.”
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Fortune Brands (United States) Reports Strong 2q Results Amid Covid-19
Environment
• For the second quarter of 2020, sales were $1.4 billion, a decrease of 9 percent over the
second quarter of 2019.
• Earnings per share were $0.83, compared to $0.97 in the prior-year quarter. EPS before
charges / gains were $0.94, compared to $1.03 the same quarter last year.
• Operating income was $173.0 million, compared to $202.4 million in the prior-year
quarter. Operating income before charges / gains was $196.7 million, compared to $212.0
million the same quarter last year, a decrease of 7 percent.
• Decremental margin for the Company was 12 percent for the second quarter.
For each segment in the second quarter of 2020, compared to the prior-year quarter:
• Plumbing sales were approximately flat and increased 1 percent excluding the impacts of
foreign exchange. Strong double-digit sales growth in U.S. Retail and China drove the
quarter. Operating margin before charges / gains was 24.5 percent, an increase of 190 basis
points over the second quarter of 2019.
• Doors & Security sales decreased 9 percent, with doors and decking exceeding
expectations and security products challenged by effects of COVID-19 on its supply chain.
Operating margin before charges / gains was 14.4 percent, which was an increase of 70 basis
points versus the second quarter of 2019. Decremental margin was 7 percent for the quarter.
• Cabinet sales decreased 15 percent. Strong demand in value-priced cabinets was offset by
a softer market for higher-priced products. Operating margin before charges / gains was 8.2
percent, a decrease of 240 basis points over the second quarter of 2019. Decremental margin
was 24 percent for the quarter.
“I couldn’t be prouder of our teams,” said Chief executive officer, Fortune Brands. “I
want to thank all of our dedicated team members who worked so hard in a challenging
environment to keep our facilities safe and open. During an extremely tough and
uncertain time, we performed exceptionally in a home products market that was and
remains stronger than expected. We went above and beyond recommended guidelines
and took care of our associates and partners in a way which led to our strong
performance. Our teams’ operational excellence was reflected in our financial results
and our service to our customers, which resulted in accelerated share gains and produced
future opportunities. “We executed our plans to permanently reposition the cost basis of
the Company against a home products market that exceeded expectations in the second
quarter. We gained share and executed efficiency improvements which not only drove
sales and profit results in the quarter but positions us to invest for long-term profitable
growth.”
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Glencore (Switzerland) Reports 2020 Half-Year Results
• Marketing Adjusted EBIT of $2.0 billion (H1 2019: $1.0 billion) reflected oil, in particular, benefiting
from the volatile and structurally supportive marketing environment. Metals also contributed significantly,
reflecting the relatively quick economic recovery in China
• Full year Adjusted EBIT guidance now expected at the top end of our long-term $2.2-3.2 billion range
• Metals $2.2 billion (down 16%) and Energy $0.7 billion (down 65%). The majority of our assets operated
relatively normally through the half-year, with the Energy assets disproportionately impacted by lower coal
prices
• H1 unit costs were: Copper 109¢/lb, zinc 28¢/lb (64¢/lb ex-gold), nickel (ex Koniambo) 230¢/lb and
thermal coal $46/t
• Full year estimated unit costs: Copper 106¢/lb, zinc 5¢/lb (48¢/lb ex-gold), nickel (ex Koniambo) 257¢/lb
and thermal coal $46/t
• Current industrial metals’ prices are substantially higher than H1 2020’s averages; augurs well for an
improved Metals’ Industrial performance in H2
• H1 Industrial capex was $1.8 billion (H1 2019: $2.3 billion); full year expected around $4.0 billion
(previous range of $4.0-4.5 billion)
• Net loss includes impairments attributable to equity holders of $3.2 billion recognised during the period
as a result of lower commodity prices related to the economic uncertainty arising from the Covid-19
pandemic (notably thermal coal, oil and zinc) and / or technical reassessments resulting in reduced life of
mine or longer-term project realisation expectations
• Total comprehensive loss attributable to equity holders of $4.2 billion (2019: income of $0.4 billion)
includes exchange losses on translation of foreign operations and negative mark-to-market movements on
investments held at fair value
• Net debt to Adjusted EBITDA ratio of 1.81 times is within our <2x cap.
• Net debt currently above the upper end of our $10-$16 billion target range; given current healthy levels
of operating cash flow before working capital changes, expect Net debt to be inside our target range by end
of 2020 and down from the start of the year
• Available committed liquidity of $10.2 billion at 30 June 2020 (31 December 2019: $10.1 billion)
Glencore’s Chief Executive Officer commented: “Every aspect of life in 2020 has been impacted by
the Covid-19 crisis. Our teams have adapted to these difficult conditions and we are pleased to
announce an overall strong financial performance from our various businesses, reflecting the
countercyclical earnings power from our large scale Marketing activities, combined with a cash
generative industrial asset base, which quickly adapted to the changed environment. Marketing
delivered a half-yearly record Adjusted EBIT performance of $2.0 billion, allowing us to raise
full-year guidance to the top end of our long-term $2.2-3.2 billion range. There were consistently good
contributions across the board, however oil in particular was able to capitalise on the presence of
exceptional market conditions during the half. Our Industrial activities faced numerous challenges, but
for the most part were able to continue operating relatively normally. Unit costs are broadly stable (pre
by-product credits), while capex is under close control. In the current economic environment, difficult
decisions and actions have been considered for moving certain assets into extended care and
maintenance to rebalance markets with oversupply risk and preserve the resources for a better market
environment. Impairments of $3.2 billion (net of non-controlling interests and tax) were recognized.”
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Grasim Industries Limited (India) announces its financial results for the quarter
ended 30 June 2020
Viscose business
• In this quarter, the health and hygiene concerns have assumed primacy in light of the current pandemic. Grasim’s Liva brand has launched antimicrobial fibre. The fabric produced using this special
fibre inherently possesses antimicrobial properties, which inhibits the growth of microbes (bacteria and viruses) on apparels and home textiles and kills them to the extent of 99%+. This makes
apparels and home textiles safe, without compromising on performance and fashion quotient. We have further responded to the emerging opportunity in the hygiene segment by commencing
non-woven production on existing lines.
• The operational and financial performance of the viscose business was subdued for the months of April and May 2020 due to lockdown, but witnessed steady improvement in the month of June
2020 and thereafter, with a rise in the capacity utilisation across the plants to approximately 79 per cent currently. The domestic textile industry was severely impacted by the extension of lockdown
in key manufacturing hubs and reduced labour availability, which is expected to ease with Government relaxing the norms.
• The Net Revenue for the viscose segment (including VFY) stood at Rs.558 crore with a drop in the sales volume for both VSF and VFY. The share of value-added products in the overall sales
volume improved to 30 per cent in Q1FY21, up by 6 per cent on a sequential basis. Exports share of portfolio has grown by 26 per cent to leverage relatively faster demand recovery in international
markets. The adverse impact on the EBITDA was partly cushioned by significant cost reduction initiatives taken by the business which included fixed costs savings which reduced by Rs.186 crore
during the quarter in comparison to average quarterly cost for FY20.
• The global prices of VSF continued to remain weak during the quarter, exerting pressure on the domestic grey VSF prices.
Chemical business
• In the Chemical business, the chlorine derivatives products demand remained strong driven by demand from disinfectant and hygiene products.
• The Caustic Soda production staged a strong recovery in volumes during the quarter, the capacity utilisation improved to 70 per cent in the month of June after a low of 23 per cent utilisation
witnessed in April. For the quarter, the production and sales volume were impacted on account of the COVID-19 related lockdown.
• The global caustic soda prices have been on a weakening trend and dipped below $300 level, the lowest in last four years. The Net Revenue for Q1FY21 stood at Rs.704 crore and EBITDA stood
at Rs.41 crore. The EBITDA performance was supported by strong chlorine derivatives sales.
Fertilizer
• The industry demand for urea improved during the quarter with increased farming activities across the country. The Net Revenue for Q1FY21 stood at Rs.605 crore and EBITDA stood at Rs.72
crore. The y-o-y improvement in the EBITDA was driven by lower fixed costs, higher sales of soil health products and release of old freight cost reimbursement by the Government of India.
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HeidelbergCement (Germany) achieves good half-year results for 2020 in
challenging environment
• Group revenue decreased by 10.4% in comparison with the previous year to €8,254
million (previous year: 9,212). Excluding consolidation and exchange rate effects, the
decline amounted to 10.2%. In addition to lower sales volumes, the decline in revenue is
also due to the changed business policy at HC Trading.
• The result from current operations before depreciation and amortisation fell by 2.4% to
€1,404 million (previous year: 1,438). Excluding consolidation and exchange rate
effects, the operational decline amounted to €31 million and is primarily due to the drop
in revenue related to COVID-19. However, significant savings resulting particularly
from the COPE action plan launched in February 2020 had an offsetting effect. The
result from current operations decreased to €710 million (previous year: 754).
• The additional ordinary result of €-3,490 million (previous year: -128) was particularly
affected by impairment of goodwill amounting to €2,684 million and of other fixed
assets totalling €769 million due to the COVID-19-related revaluation of the asset
portfolio of the HeidelbergCement Group. The financial result rose by €19 million to
€-157 million (previous year: -176). At €138 million (previous year: 150), expenses for
income taxes were 7.7% below the previous year’s level.
• Overall, the Group share of the net result for the period totalled €-3,133 million
(previous year: 212). Excluding non-recurring effects from the impairment of goodwill
and other assets, the Group share rose by 5% to €356 million (previous year: 340).
“In the face of unprecedented challenges, we performed very well in the first half of
2020,” stated Chairman of the Managing Board of HeidelbergCement. “In the
second quarter, revenue dropped in many countries, in some cases by double-digit
percentages. Nevertheless, we achieved a good result, which was almost at the
previous year’s level. The successful implementation of our COPE action plan
played a large part in this. I would like to express my sincere thanks to our managers
and all employees worldwide for their outstanding performance during this difficult
phase.”
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International Paper (United States) Reports Second Quarter 2020 Results
• Second quarter net earnings (loss) attributable to International Paper of $266
million ($0.67 per diluted share), compared with $(141) million ($(0.36) per
diluted share) in the first quarter of 2020 and $292 million ($0.73 per diluted
share) in the second quarter of 2019. First quarter 2020 net earnings included an
after-tax charge of $337 million ($0.85 per diluted share) for the impairment of
the net assets and write-off of foreign currency translation adjustment following
the announcement of the sale of our Brazil Packaging business.
• Second quarter adjusted operating earnings* (non-GAAP) of $305 million
($0.77 per diluted share) compared with $226 million ($0.57 per diluted share) in
the first quarter of 2020 and $460 million ($1.15 per diluted share) in the second
quarter of 2019
• Second quarter cash provided by operations of $890 million and year-to-date of
$1.5 billion compared with $1.8 billion year-to-date in the same period of 2019
• Liquidity position of $3.6 billion at the end of the second quarter compared with
$3.5 billion at the end of the first quarter, which reflects cash and unused
committed facilities
"International Paper delivered solid earnings and generated strong cash from
operations while navigating the COVID-19 pandemic and its significant
economic impact," said Chairman and Chief Executive Officer. "Our
performance demonstrates the strength and resilience of our employees, our
diverse customer base and our world-class manufacturing and supply chain
capabilities. Looking ahead, we will continue to focus on cash generation to
reinforce the company's financial strength as we manage through ongoing
uncertainty. The health and safety of our employees remain our most
important responsibility. I am proud of their ongoing commitment to take care
of each other and our customers."
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MMK Group (Russia) financial results for Q2 and H1 2020
Q2 2020 key highlights:
• MMK Group’s revenue decreased by 25.8% quarter-on-quarter (q-o-q) to USD 1,268
million, which reflects a decline in sales volumes amid the scheduled reconstruction of
Hot-Rolling Mill 2500, and the correction in steel prices due to negative market trends in
Russia and globally.
• EBITDA fell 48.9% q-o-q to USD 226 million, reflecting the difficult market environment
in Q2 and the impact of one-off factors. EBITDA margin decreased by 8.0 p.p. to 17.8%.
• Net profit for Q2 2020 amounted to USD 58 million, down 55.7% q-o-q.
• Free cash flow (FCF) totaled negative USD 18 million. The FCF change was mainly driven
by lower margins and the working capital build up due to higher export sales amid a
deteriorating domestic market environment.
H1 2020 key highlights:
• MMK Group’s revenue declined by 22.3% year-on-year (y-o-y) to USD 2,978 million, due
to the slowdown in business activity amid the correction in global steel prices.
• EBITDA decreased by 28.7% y-o-y to USD 668 million following negative market trends
driven by the spread of the pandemic. EBITDA margin was down by 2.0 p.p. to 22.4%.
• Net profit declined by 62.0% y-o-y to USD 189 million, mainly due to worsening market
conditions and increase in foreign exchange loss due to the rouble devaluation.
• FCF amounted to USD 97 million, down 70.2% y-o-y, due to the worsening market
environment.
Comment by MMK’S CEO: Dear shareholders and colleagues, Over the last three
months, PJSC MMK has been faced with an unrelenting pandemic. Nonetheless, the
Group has consistently taken all the necessary measures to protect the health of its
people. MMK consistently generates a sufficient cash flow and reiterates its
commitment to its dividend policy. Dividend payout is a key element of our operations,
aimed at creating more value for all shareholders in the Group. Considering the H1 2020
results, coupled with our confidence in the MMK’s financial position amid the gradual
economic recovery in Russia, the Board of Directors can recommend that MMK
shareholders approve a dividend of RUB 0.607 per ordinary share (100% of FCF for the
six months) for H1 2020.
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Martin Marietta (United States) Reports Second-Quarter 2020 Results
• Second-quarter aggregates shipments declined 3.7 percent compared with the prior-year quarter, which
benefited from carryover work due to the extraordinarily wet 2018. Pricing improved 3.3 percent due to strong
performance across all divisions.
• Mid-America Group shipments decreased 7.2 percent, driven by near-record rainfall across much of its
footprint and anticipated lower infrastructure shipments in portions of North Carolina. Geographic mix limited
pricing growth to 2.3 percent as the Central Division, which has lower selling prices relative to the consolidated
average, contributed a higher percentage of second-quarter shipments to the Group.
• Shipments for the Southeast Group increased 3.0 percent, as the Florida Department of Transportation (DOT)
accelerated certain transportation projects to leverage construction efficiencies driven by lower vehicle traffic
during the COVID-19 shelter-in-place orders, along with continued strength in warehouse, data center and
distribution facility construction. These favorable trends were partially offset by weather-impacted construction
delays. Product mix, reflecting a higher percentage of lower-priced base and fines shipments, limited pricing
growth to 0.7 percent.
• West Group shipments decreased 1.0 percent, with double-digit growth in North Texas and Colorado offset by
the completion of certain Gulf Coast liquefied natural gas (LNG) projects and reduced energy-sector shipments.
Pricing improved 5.5 percent, reflecting favorable product mix.
Cement
• Second-quarter cement shipments decreased 2.7 percent, driven by reduced demand for West Texas oil-well
specialty cement products caused by historically low oil prices. While cement pricing increased attractively in
North Texas, Houston, and portions of Central Texas, notably lower sales of higher-priced oil-well specialty
cement products limited overall pricing growth to 0.1 percent. Cement product gross margin expanded 210 basis
points to 39.7 percent driven by improved kiln reliability and lower fuel costs.
Magnesia Specialties Business
• Magnesia Specialties product revenues decreased 30.6 percent to $48.9 million. Lime and periclase shipments
to the steel industry declined in response to the COVID-19-induced shutdown of domestic auto manufacturers.
Additionally, domestic and international demand for chemicals products slowed due to COVID-19. Lower
revenues led to a 420-basis-point decline in product gross margin to 37.3 percent.
Chairman and CEO of Martin Marietta, stated, “We are proud to have concluded the first half of 2020 with
the highest profitability and best safety performance in Martin Marietta’s history. Our record performance
underscores Martin Marietta’s collective commitment to operational excellence and the disciplined
execution of our strategic plan as we navigate the uncertainties and economic hardships presented by
COVID-19. The Company expanded consolidated gross margin by 200 basis points and delivered Adjusted
EBITDA of $407 million in the second quarter, driven by pricing momentum and improved cost
management across the Building Materials business. We remain confident that our favorable pricing trends
will continue, aided in part by the continued success of our locally-driven pricing strategy. We expect our
full-year 2020 aggregates pricing to increase 3 percent to 4 percent, slightly below our pre-COVID-19
forecast, largely due to year-over-year geographic and product mix fluctuations. Though Martin Marietta,
along with many of our customers, has operated as a designated “essential business” through the COVID-19
shutdowns and subsequent phased re-openings, we still experienced impacts from the macroeconomic
slowdown. Despite these challenges, product demand trends remained strong across our key geographies,
including North Texas and the Front Range of Colorado, two of our leading vertically-integrated markets,
driven by attractive customer backlogs and continued construction activity. Customer backlogs are expected
to support the Company’s near-term shipment levels, though we currently anticipate an industry-wide
decline in product demand over the next few quarters, particularly with the uncertainty of additional U.S.
federal economic stimulus actions, as businesses and governments address budget shortfalls. Volume
impacts from reduced demand will likely be temporary, gradual and varied by end use and geography. In the
medium- and long-term, we remain confident that the underlying demand drivers and fundamental strength
of our Top 10 states position the Company to outperform through typical economic cycles.”
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Masco Corporation (United States) Reports Second Quarter 2020 Results
1. On a reported basis, compared to second quarter 2019:
• Net sales decreased 4 percent to $1.8 billion; in local currency, net sales decreased 3 percent
• In local currency, North American sales were flat and international sales decreased 17 percent
• Gross margins decreased 100 basis points to 35.6 percent from 36.6 percent
• Operating profit decreased 2 percent to $339 million
• Operating margins increased 30 basis points to 19.2 percent from 18.9 percent
• Income from continuing operations increased to $0.80 per share, compared to $0.72 per share
2. Compared to second quarter 2019, results for key financial measures, as adjusted for certain
items (see Exhibit A) and with a normalized tax rate of 26 percent, were as follows:
• Gross margins decreased 90 basis points to 35.8 percent compared to 36.7 percent
• Operating profit decreased 1 percent to $344 million from $349 million
• Operating margins increased 50 basis points to 19.5 percent compared to 19.0 percent
• Income from continuing operations increased to $0.84 per share, compared to $0.74 per share
3. Liquidity at the end of the second quarter was $2.1 billion, including full availability on $1.0
billion revolving credit facility
4. Plumbing Products’net sales decreased 14 percent (13 percent excluding the impact of foreign
currency) primarily due to lower volumes resulting from the impact of COVID-19
5. Decorative Architectural Products’ net sales increased 8 percent due to strong growth in paints
and other coatings products
“I am extremely proud of our team’s response during these unprecedented times,” said
Masco President and CEO. “We have worked tirelessly to ensure the safety of our
employees, to support our customers and communities, and to effectively manage our
business. We delivered strong top and bottom-line growth in our Decorative Architectural
Products segment and better than anticipated performance in North American Plumbing,”
continued Allman. “As restrictions eased, production at our closed facilities resumed, and
demand for our products accelerated throughout the quarter. We leveraged increasing
demand with focused cost control to expand margins in the quarter.”
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Mondi Syktyvkar (United Kingdom) successfully completes €135 million power plant upgrade
leading to c.4% reduction of CO2 for the entire Mondi Group
Mondi Syktyvkar successfully completes a major step in the
modernization of its state-of-the-art power plant, with a capital
investment of around €135 million. The investment in the power plant,
including a new bark boiler, new steam turbine and upgrade of power
distribution network, further improves the environmental performance of
the mill. This investment supports Mondi's ambition to transition to a
low-carbon economy and reduces the mill's CO2 footprint by more than
200 000 tonnes annually – equating to c.4% reduction of CO2 for the
entire Mondi Group
“The power plant is a key part of the mill infrastructure. It also
provides over 15% of electric energy demand within the Komi
Republic and is a single heating source for the Ezhva district with a
population of 60,000 people. Through significant investment and
efforts of a highly professional team we have installed a state of the
art power plant which will ensure stable generation of heat and
electric energy for the mill and the surrounding region, and reduce the
overall environmental footprint of the mill as we move towards a
low-carbon economy” Said Managing Director of Mondi Syktyvkar
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Cementing the deal: Mondi (United Kingdom) acquires two paper bag lines and signs exclusive
supplier agreements with leading cement producers in Egypt
Mondi Paper Bags, part of Mondi Group, a leading global packaging and
paper manufacturer, has acquired two paper bag lines from Helwan
Cement Company and InterCement Sacs, two major cement producers in
Egypt. The acquired production lines will increase Mondi’s capacity by
approximately 60-80 million bags annually and strengthen Mondi's
position in the Middle Eastern bag market, particularly in supporting
suppliers to the construction industry. Mondi Paper Bags, a global
producer that operates two plants in Egypt, will also become the
exclusive supplier of paper bags to Helwan Cement Company and
InterCement Sacs.
We are excited to have signed long-term supply agreements with two
of our biggest customers in Egypt further securing our position in the
Middle Eastern market. These collaborations will offer Helwan and
InterCement access to our latest innovations, industry expertise and
our strong plant network and customer service in the Middle East.
Thanks to Mondi’s vertical integration, our partners will further
benefit from our high quality kraft paper Said Chief Operating Officer
of Mondi Paper Bags
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Newmont (United States) Announces Solid Second Quarter 2020 Results
• Net income (loss) from continuing operations attributable to Newmont stockholders for the quarter was $412 million
or $0.51 per diluted share, an increase of $411 million from the prior year quarter primarily due to higher average
realized gold prices, the increase in fair value of investments, lower operating costs and lower transaction and
integration costs; partially offset by lower sales volumes from certain sites in care and maintenance and the sale of
Kalgoorlie.
• Adjusted net income4was $261 million or $0.32 per diluted share,compared to $92 million or $0.12 per diluted share
in the prior year quarter. The adjustments to net income of $0.19 primarily related to changes in the fair value of
investments, COVID-19 specific costs, valuation allowance and other tax adjustments, and transaction and integration
costs. Adjusted EBITDA5 improved 45 percent to $984 million for the quarter, compared to $679 million for the prior
year quarter.
• Revenue increasedfive percent from the prior year quarter to $2,365 million primarily due to higher average realized
gold prices, partially offset by lower gold sales volumes.
• Average realized price6 for gold was $1,724, an increase of $407 per ounce over the prior year quarter; average
realized price for copper was $2.91, an increase of $0.43 per pound over the prior year quarter; average realized price
for silver was $14.70 per ounce, an increase of $0.50 per ounce over the prior year quarter; average realized price for
lead was $0.75 per pound, a decrease of $0.01 per pound; average realized price for zinc was $0.70 per pound, and there
were no zinc sales in the prior year quarter.
• Capital expenditures7 decreased by 26 percent from the prior year quarter to $280 million, primarily due to lower
spend from five operations being placed into care and maintenance, lower sustaining capital spend from the sale of Red
Lake and Kalgoorlie, and reduced spending from the completion of Borden Underground, Ahafo Mill Expansion, and
other projects in 2019. Development capital expenditures in 2020 primarily include advancing Tanami Expansion 2,
Yanacocha Sulfides, Ahafo North and Subika mining method change, Musselwhite Materials Handling and conveyor
installation, Éléonore Lower Mine Material Handling System, Quecher Main, and projects associated with the
Company’s ownership interest in Nevada Gold Mines.
• Consolidated operating cash flow from continuing operations increased 122 percent from the prior year quarter to
$668 million due to higher realized gold prices, partially offset by lower sales volumes. Free Cash Flow8alsoincreased
to $388 million primarily due to higher operating cash flow and lower capital expenditures.
• Balance sheet ended the quarter with $3.8 billion of consolidated cash and approximately $6.7 billion of liquidity;
reported net debt to adjusted EBITDA of 0.6x9.
• Nevada Gold Mines (NGM) attributable gold production was 326 thousand ounces with CAS of $797 per ounce and
AISC of $979 per ounce for the second quarter 2020. EBITDA for NGM was $277 million.
“In the second quarter we delivered solid financial performance with $984 million in adjusted EBITDA and $388
million in free cash flow, both substantial increases over the prior year quarter. Our focus remains on ensuring the
health, safety and wellbeing of our workforce and neighboring communities as we manage through the Covid
pandemic. I am very proud of our workforce for the agility and resolve that they have demonstrated during these
challenging times," said President and Chief Executive Officer. "We safely and efficiently executed restart plans
at our mines previously in care and maintenance and Newmont’s world-class portfolio is well positioned to deliver
an even stronger second half of 2020. The ongoing favorable gold price environment amplifies our free cash flow
generation yet our discipline around capital allocation will not change as we continue to invest in profitable
projects and provide shareholders industry-leading returns while maintaining a strong balance sheet.”
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Norilsk Nickel (Russia) Announces Interim Consolidated Financial Results Under
IFRS For 1H 2020
• Consolidated revenue increased by 7% yoy to $ 6.7 billion, driven by higher exchange prices for palladium, rhodium and gold, as well as a planned increase in production at Bystrinsky GOK;
• EBITDA declined 51% year-on-year to $ 1.8 billion due to the recognition of environmental provisions costs in the amount of $ 2.1 billion related to compensation for environmental damage
caused by diesel leakage at the industrial site of the CHP -3 Norilsk (Kayerkan district);
• Capital expenditures increased by 10% year-on-year to $ 0.6 billion following the launch of strategic projects such as the expansion of the Talnakh Concentrator (Pacific Fleet-3), development
of the "South Cluster", as well as an environmental program aimed at drastically reducing sulfur dioxide emissions in the Polar Division;
• Net working capital increased to US $ 1.0 billion, in line with medium-term targets;
• Free cash flow increased by 21% yoy to $ 2.7 billion;
• Net debt / EBITDA ratio as of June 30, 2020 increased to 1.2x;
• During the first half of 2020 “Norilsk Nickel»Paid interim dividends for 9 months of 2019 in the amount of USD 1,567 million, as well as final dividends for 2019 in the amount of USD 1,264
million;
• During the first half of 2020 Companymaximized balance sheet liquidity by issuing cash drawdowns totaling $ 1,565 million in March and April on a syndicated loan whose funding limit was
increased from $ 2,500 million to $ 4,150 million in February, and in April, a sample of funds totaling 60 billion rubles. on a revolving credit line;
• On May 29, 2020, on the industrial territory of CHPP-3, due to a sudden subsidence of the supports, the diesel fuel storage tank was damaged, as a result of which there was a leak of oil
products and damage to the environment. The company immediately proceeded to eliminate the consequences of this incident, and at the end of the reporting period, the main work was
completed to collect the fuel-water mixture from the surface of water bodies and remove contaminated soil from the adjacent territories;
• The Group's management has developed and implemented a number of measures aimed at ensuring normal operational activities in the context of the spread of coronavirus infection, within the
framework of which maximum measures are taken to protect the life and health of employees and provide support to the regions of the Company's presence. During the first half of 2020Group
sent to the prevention of coronavirus infection and the fight against its spread in the total amount of USD 95 million, net of VAT.
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ALROSA’s (Russia) rough diamond auctions in Belgium and Israel fetched $6.8 million
ALROSA auctioned special size (over 10.8 carats) rough diamonds in
Belgium and Israel in July. Participants reviewed goods at the company’s local
sales offices as usual. At the auction in Belgium the company sold 86
gem-quality rough diamonds weighing a total of 1,350 carats, the sales
revenue amounted to $4.1 million. The auction results were summarized on
July 13, goods were bought by the participants from Belgium, Israel, the UAE
and India. The Israeli auction was completed on July 20 with a revenue of $2.7
million. ALROSA fetched this amount for the sale of 70 gem-quality rough
diamonds with a total weight of 1,066 carats to 26 participants. Only Israeli
companies took part in this auction.
“These auctions were held in a customary mode at ALROSA’s foreign sales
offices. Given the current market situation, we appreciate the results. Our
company strives to support its customers, supplying them with necessary
rough despite the persisting travel restrictions. We are making every effort
possible to ensure that they can operate efficiently,” commented Deputy
CEO of ALROSA.
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Olin (United States) Announces Second Quarter 2020 Results
• The second quarter 2020 reported net loss was $120.1 million, or $0.76 per diluted share,
which compares to the second quarter 2019 reported net loss of $20.0 million, or $0.12 per
diluted share.
• Second quarter 2020 adjusted EBITDA of $71.5 million excludes depreciation and
amortization expense of $136.5 million, information technology integration costs of $20.4
million, and restructuring charges and other costs of $5.5 million.
• Second quarter 2019 adjusted EBITDA was $204.6 million.
• Sales in the second quarter 2020 were $1,241.2 million compared to $1,592.9 million in the
second quarter 2019.
Outlook:
During 2020, several initiatives are expected to create long-term improvement in cash flow:
• Refinancing of a portion of the high-cost bonds assumed during the 2015 Dow Chlorine
Products acquisition, which become callable in late-2020, is expected to reduce interest
expense by approximately $30 million annually.
• Winding down of the multi-year information technology project to integrate the acquired
Dow Chlorine Products businesses is expected to reduce annual spending by approximately
$110 million, split between capital and expense. The wind down of the project will begin in
the fourth quarter.
• Olin's vinyl chloride monomer contract is transitioning from the toll manufacturing
arrangement that has been in place since the 2015 Dow acquisition, to a direct customer sale
agreement, beginning on January 1, 2021. The new vinyl chloride monomer contract is
expected to improve annual adjusted EBITDA by approximately $50 million to $75 million.
• The multi-year Winchester contract to operate the U.S. Army Lake City ammunition
facility in fourth quarter 2020 is expected to increase Winchester's annual revenue by $450
million to $550 million with a corresponding improvement in annual adjusted EBITDA of
$40 million to $50 million.
Chairman, President and Chief Executive Officer, said, "Second quarter 2020 sales for
the combined Chlor Alkali Products and Vinyls and Epoxy businesses declined
year-over-year by approximately 27%. The sales decline reflects weaker customer
demand and a high level of planned maintenance turnaround activity which occurred
early in the second quarter. Overall chemical businesses sales increased each month
during the quarter from the April low point and have continued to increase during July.
The Chlor Alkali Products and Vinyls business experienced weaker broad-based
customer demand from almost all end-use chemical customers in the second quarter
2020 compared to the first quarter of 2020. Shipments to our urethane customers were
particularly weak and declined by approximately 44% compared to first quarter 2020.
During the second quarter of 2020, caustic soda pricing increased approximately 8% in
Olin's system when compared to the first quarter of 2020, while ethylene dichloride
pricing sequentially declined approximately 50%. In third quarter 2020, we expect
sequential improvement in both caustic soda and ethylene dichloride pricing. We also
expect the volumes in the third quarter of 2020 to improve from second quarter 2020
levels primarily due to lower maintenance turnaround activity.”
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POSCO’s (South Korea) Q2 Consolidated Sales at 13.721 Trillion KRW; Operating
Profit at 167.7 Billion KRW
• POSCO reported its Q2 business performance on a consolidated basis in its regulatory filing. POSCO’s Q2 sales totaled 13.721 trillion KRW, and its operating profit
was at 167.7 billion KRW with a net profit of 104.9 billion KRW.
• Total sales volume and prices have shown a decrease amid subdued global demand and sluggish market conditions caused by COVID-19. However, POSCO managed
to secure relatively favorable performance with its global infrastructure business. Such achievement can be attributed to improvements in the profitability of its core
businesses, such as stable profits from POSCO International’s Myanmar gas fields, better profitability of POSCO E&C’s construction and plant businesses, and
expansion of POSCO Energy’s terminal business.
• In 1Q, POSCO had achieved steady performance despite most global steelmakers recording deficit. However, as the impact of COVID-19 became apparent in 2Q,
POSCO’s standalone sales recorded 5.884 trillion KRW with and operating profit of -108.5 billion KRW. The net profit was at 6.6 billion KRW.
• Due to the decline in steel demand owing to COVID-19, production of crude steel and products decreased by 1.27 million tons, 870,000 tons, and sales volume by
850,000 tons, respectively, compared to the previous quarter. However, POSCO was able to minimize the impact of production decrease by adopting flexible
production and sales system.
• POSCO’s financial soundness has also strengthened as a result of its company-wide inventory reduction and cost-cutting measures. The company’s cash reserves
recorded 12.064 trillion KRW on a separate basis, which is an increase by 341.1 billion KRW QoQ, while the debt-to-equity ratio dropped 1.4% QoQ to 26.9%. On a
consolidated basis, net cash reserves showed a rise of 1.562 trillion KRW QoQ, amounting to 16.913 trillion KRW with debt-to-equity ratio recording 72.8%, a
0.7%-point drop from the previous quarter.
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Reliance Steel (United States) & Aluminum Co. Reports Second Quarter 2020
Financial Results
• Net sales were $2,019.3 million in Second Quarter 2020 as compared to $ 2,572.9 million in
First quarter 2020.
• Gross profit was $614.7 million in Second Quarter 2020 as compared to $780.7 million in First
quarter 2020.
• Gross profit margin of 30.4% in Second Quarter 2020 as compared to 30.3% in First quarter
2020.
• At June 30, 2020, Reliance had total debt outstanding of $1.50 billion with $1.16 billion available
for borrowing on its $1.5 billion revolving credit facility. The Company’s net debt-to-total capital
ratio was 20.4% on June 30, 2020.
• During the second quarter of 2020, Reliance generated net cash provided by operating activities of
$475.7 million, a year-over-year increase of 37.5%.
• On July 21, 2020, the Board of Directors declared a quarterly cash dividend of $0.625 per share of
common stock, payable on August 28, 2020 to stockholders of record as of August 14, 2020.
• Although Reliance did not repurchase any shares in the second quarter, the Company repurchased
$300.0 million of its common stock, or 3.3 million shares, at an average cost of $90.09 per share in
the first quarter of 2020. At June 30, 2020, approximately 3.1 million shares, or approximately 5% of
the Company’s common shares currently outstanding, remained available for repurchase under the
Company’s stock repurchase program.
Business Outlook
• Given the continued macroeconomic uncertainty stemming from the COVID-19 pandemic, the
Company will not be providing specific earnings per share guidance for the third quarter of 2020 at
this time. However, the Company does anticipate the following trends based on current expectations
and market conditions as of today, July 23, 2020. Reliance management expects overall demand in the
third quarter of 2020 to improve slightly compared to the second quarter of 2020.
“The strength and resiliency of our business model produced solid results during an extraordinary
and extremely challenging quarter. Because we support many customers deemed essential
businesses, our tons sold declined only 17.5% compared to the first quarter of 2020,” said
President and Chief Executive Officer of Reliance. “We maintained a strong gross profit margin
of 30.4% on net sales of $2.02 billion, which, combined with reduced operating expenses,
resulted in pretax income of $102.0 million and earnings per diluted share of $1.24. We adjusted
our working capital in response to reduced activity levels and generated cash flow from
operations of $475.7 million. We implemented enhanced health and safety practices to keep our
employees and their families healthy and safe while continuing to provide exceptional customer
service across our diversified customer base, which resulted in improved safety performance
during the quarter. We sincerely thank our employees for their hard work and flexibility during
these difficult times, especially our front-line Reliance employees.”
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Sika (Switzerland) Defies Coronavirus Crisis with Growth In Local Currencies
Of 2.9%
• Sales growth of 2.9% in local currencies to CHF 3,614.6 million (–3.2% in
CHF)
• High negative currency effect of –6.1% (impact of minus CHF 225 million in
sales and CHF 29 million in EBIT)
• Maintained high EBITDA margin of over 16% (currency adjusted absolute
EBITDA was flat)
• Operating profit (EBIT) at CHF 410.2 million (–14.8%)
• Increased operating free cash flow amounting to CHF 254.7 million (+41.7%)
• Closing of acquisition of Adeplast (Romania), takeover of Modern
Waterproofing Group (Egypt), and buildup of a new factory in Barranquilla
(Colombia)
• Outlook for the second half of the year: Sika is expecting more favorable market
conditions. With the anticipated improvement in sales volumes, the company
expects an over-proportional EBIT increase for the second half of the year
• Confirmation of 2023 strategic targets for sustainable, profitable growth
CEO of Sika Commented: "Around 35 of the 100 countries Sika is present in
experienced a full lockdown for about two months in the first half of the year,
and the rest of our countries have been strongly impacted by the pandemic.
With our local management structure in place, we quickly adapted globally to
the changing market conditions in the respective countries. We swiftly
implemented the necessary measures to protect our employees, customers,
and suppliers, whilst simultaneously maintaining our supply chain and
business activities with a focus on consistent cost management. Thanks to our
high speed of implementation and the proximity to our customers in all
countries, we were able to quickly grasp business opportunities and thus
capture further market share. I would like to thank all of our employees
worldwide for their great efforts and never losing focus during this
challenging time."
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SKG (Ireland) First Half 2020 Results
• Strong performance against key metrics
• EBITDA of €735 million, with an EBITDA margin of 17.5%
• Free cash flow of €238 million
• ROCE of 14.8%
• Leverage of 2.1x
• Dividend payment of 80.9 cent per share
Group CEO commented: “We are very pleased to report another strong
performance across all our key metrics for the first half of 2020. Our EBITDA
of €735 million with a margin of 17.5%, together with strong free cash flow
of €238 million, demonstrate the strength of the Group. I remain incredibly
proud of the entire SKG team who have delivered these results against the
backdrop of COVID-19, which created an extremely challenging operating
environment. Our key priorities have been, and continue to be, the health,
safety and well-being of our 46,000 employees and the continuity of supply
to our 65,000 customers. The strength and scale of our integrated system and
our supply chain expertise meant we were able to ensure the continuity of
supply of essential products for everyday life across multiple sectors. We are
again proving that our business model, geographic diversity and our
commitment to innovation and sustainability continue to deliver. Our
European business performed strongly in the first six months with an
EBITDA margin of 17.6% and flat corrugated box volumes. The EBITDA
margin of the Americas business improved again year-on-year from 17.1% to
19.0%.”
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Steel Dynamics (United States) Completes Acquisition of a Mexican Metals Recycling Company
Steel Dynamics, Inc. announced the completion of the acquisition of Zimmer,
S.A. de C.V. ("Zimmer"), as part of its raw material procurement strategy to
support its new Texas flat roll steel mill, which is planned to begin operations
mid-year 2021. The transaction was funded with available cash. Zimmer is
headquartered in Monterrey, Mexico and operates a ferrous and nonferrous
scrap metals recycling business. Zimmer's primary operations are comprised
of six scrap processing facilities strategically positioned near high-volume
industrial scrap sources located throughout Central and Northern Mexico. The
company also operates several third-party scrap processing locations. These
combined facilities currently ship approximately 500,000 gross tons of scrap
annually and have an estimated annual processing capability of two million
gross tons.
"We sincerely welcome the Zimmer team into the Steel Dynamics family,"
stated President and Chief Executive Officer. "Combined with our existing
metals recycling presence in Mexico, the acquisition of Zimmer expands
our commercial presence in the region and strengthens our raw material
supply strategy, allowing for cost-effective ferrous scrap procurement for
our new Texas flat roll steel mill. Zimmer provides a platform to grow our
metals recycling presence in Mexico and represents a meaningful
achievement in our raw material sourcing strategy for our Texas flat roll
steel mill."
Description
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Teck (Canada) Reports Unaudited Second Quarter Results for 2020
• All operations are currently producing with comprehensive COVID-19
prevention measures in place.
• COVID-19 had a significant negative effect on prices and demand for our
products and our financial results in Q2 2020.
• Adjusted profit attributable to shareholders(1) (2) in Q2 2020 of $89 million or
$0.17 per share.
• Adjusted EBITDA (1) (2) in Q2 2020 of $485 million.
• Completed Elkview Operations plant expansion, reducing steelmaking coal
operating costs and improving margins while maintaining total production
capacity.
• QB2 construction activities gradually and safely ramping back up with over
3,000 people currently on site, 4,000 expected by the end of July and increasing
to pre-suspension levels with a workforce of 8,000 by the end of October, as
conditions allow.
• Neptune Bulk Terminals upgrade project progressing in line with budget and
schedule.
• Achieved approximately $250 million in operating cost reductions and $430
million in capital cost reductions to date from expected spending contemplated at
the end of June 2019.
• Reduced near-term debt maturities and further strengthened liquidity by adding
a US$1 billion revolving credit facility.
• Issued updated guidance for 2020.
• Named to the Best 50 Corporate Citizens in Canada ranking by Corporate
Knights for the 14th consecutive year.
“We remain focused on protecting our people and communities, while
continuing to operate responsibly and safely to support the economic
recovery in the wake of the pandemic,” said President and CEO. “We took
steps during the quarter to further strengthen our financial position, reduce
costs and position Teck to significantly improve margins towards the end of
2020 and early 2021 as we complete major capital projects.”
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Umicore (Belgium) Reported Half year results 2020
• Revenues of € 1.6 billion (-4%)
• Adjusted EBITDA of € 376 million (+5%)
• Adjusted EBIT of € 243 million (+1%)
• EBIT adjustments of - € 72 million, primarily comprising impairments and
restructuring charges ROCE of 10.9% (compared to 12.3% in first half 2019)
• Adjusted net profit (Group share) of € 148 million (-2%) and adjusted EPS of €
0.62 (-2%) Cashflow from operations of € 275 million (€ 308 million in first half
2019), including a € 72 million increase in working capital requirements from
higher precious metals and PGM prices; free cashflow from operations of € 108
million (€ 50 million in first half 2019)
• Capital expenditure plans were adjusted in the beginning of the pandemic and
capex spend amounted to € 152 million (€ 241 million in first half of 2019)
• Net debt at € 1,349 million, down from € 1,443 million at the end of 2019. This
corresponds to a Net debt/ LTM adj. EBITDA ratio of 1.75x.
• The Supervisory Board decided to pay out an interim dividend of € 0.25 per
share on 25 August.
“Despite the brutal effects on society and industry of the COVID-19
pandemic, Umicore showed great resilience and turned in a solid performance
in the first half of 2020, demonstrating the complementarities of our
businesses and showing the agility and determination of our workforce. I
would like to express my immense gratitude to all those who have fought the
pandemic on the front lines as well as to all Umicore employees who have
adjusted to very challenging conditions in order to ensure the best possible
business continuity. Umicore has ensured healthy and safe working
conditions for its personnel and protected the financial health of the company
with cost savings, reassessment of our industrial footprint, and increased
liquidity. Our long-term strategic drivers remain intact and I am confident we
will return to growth in clean mobility and recycling as we emerge from the
pandemic.” Stated CEO of Umicore
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United States Steel Corporation Reports Second Quarter 2020 Results
• United States Steel Corporation reported second quarter 2020 net loss of $589
million, or $3.36 per diluted share.
• Adjusted net loss was $469 million, or $2.67per diluted share. This compares to
second quarter 2019 net earnings of $68 million, or $0.39 per diluted share.
• Adjusted net earnings for second quarter 2019 were $78 million, or $0.45 per
diluted share.
• Adjusted EBITDA loss of $264 million
• Liquidity of $2.652 billion, including cash of $2.300 billion
“Protecting lives and livelihoods remains our top priority,” said U. S. Steel
President and Chief Executive. “We remain vigilant and continue to actively
enforce our COVID-19 protocols, including working from home, where
applicable, promoting physical distancing, limiting visitors to our sites, and
continuing our enhanced cleaning activities. As a result of this intense focus,
COVID-19 cases among our workforce remains significantly better than the
general U.S. population. We are encouraged by the recovery in market
conditions as automotive original equipment manufacturers (OEMs) are
nearing normalized production levels and healthy order activity has continued
into the third quarter. Construction demand is exceeding our expectations and
is expected to remain robust, particularly for value-add construction products.
To ensure we continue to serve our customers, we restarted two blast furnaces
to quickly respond to increasing activity and plan to restart an additional
furnace at Gary Works on August 1. In Europe, demand is beginning to
recover, in-line with the re-opening of the European continent.”
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United States Steel Corporation Reports Second Quarter 2020 Results
• United States Steel Corporation reported second quarter 2020 net loss of $589
million, or $3.36 per diluted share.
• Adjusted net loss was $469 million, or $2.67per diluted share. This compares to
second quarter 2019 net earnings of $68 million, or $0.39 per diluted share.
• Adjusted net earnings for second quarter 2019 were $78 million, or $0.45 per
diluted share.
• Adjusted EBITDA loss of $264 million
• Liquidity of $2.652 billion, including cash of $2.300 billion
“Protecting lives and livelihoods remains our top priority,” said U. S. Steel
President and Chief Executive. “We remain vigilant and continue to actively
enforce our COVID-19 protocols, including working from home, where
applicable, promoting physical distancing, limiting visitors to our sites, and
continuing our enhanced cleaning activities. As a result of this intense focus,
COVID-19 cases among our workforce remains significantly better than the
general U.S. population. We are encouraged by the recovery in market
conditions as automotive original equipment manufacturers (OEMs) are
nearing normalized production levels and healthy order activity has continued
into the third quarter. Construction demand is exceeding our expectations and
is expected to remain robust, particularly for value-add construction products.
To ensure we continue to serve our customers, we restarted two blast furnaces
to quickly respond to increasing activity and plan to restart an additional
furnace at Gary Works on August 1. In Europe, demand is beginning to
recover, in-line with the re-opening of the European continent.”
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Ramifications of the Covid-19 pandemic have massive impact on voestalpine’s
(Austria) earnings for Q1 2020/21
• Massive meltdown in demand in almost all countries and sectors
• At EUR 2.4 billion, Group revenue for Q1 2020/21 is 28.1% lower than in the
previous year (EUR 3.3 billion)
• Positive EBITDA of EUR 158 million (–58%)
• Negative EBIT of EUR –49 million (–131%)
• Profit before tax is EUR –74 million (previous year: EUR 124 million), and profit
after tax EUR –70 million (previous year: EUR 90 million)
• Gearing ratio rises year over year from 58.1% to 71.7%
• Reduction in equity to EUR 5.5 billion (previous year: EUR 6.7 billion)
• Number of employees (FTE): 47,894 (–7.3%)
In the first quarter of the business year 2020/21 (April 1 to June 30, 2020),
voestalpine was affected by the massive meltdown in demand from almost all of
its customer segments on account of the Covid-19 pandemic. Not only the
standstill of the automotive industry, but also the general weakness of the
industrial sector—especially in Europe, where the Group generates about
two-thirds of its revenue—hit all four of its divisions. The strong downturn in
demand led to a decline in steel prices which, due to the strength of China’s steel
industry, did not go hand-in-hand with a decline in iron ore prices, thus
intensifying the negative impact on earnings. Whereas the economies in North
and South America experienced substantial downturns as well, the Group’s
locations in China returned to pre-pandemic capacity utilization during the
reporting period. “We managed to adapt very quickly to the completely new
environment. voestalpine succeeded in generating a positive operating result
(EBITDA) for the first quarter of the business year 2020/21 despite the
extremely challenging environment. This is due, above all, to our consistent cost
management and the rapid implementation of steps aimed at optimizing earnings
within the Group on the whole. In addition, we also still have adequate liquidity,”
says Chairman of the Management Board of voestalpine AG.
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Vulcan (United States) Reports Second Quarter Results
• Earnings from continuing operations were $211 million, or $1.58 per diluted share, an increase
of 7 percent from the prior year's second quarter.
• Adjusted EBITDA was $408 million, an increase of 10 percent. The year-over-year earnings
improvement was driven primarily by effective cost control and price growth in aggregates.
Second quarter segment earnings improved in each major product line.
• Despite a 2 percent decline in aggregates shipments, mix-adjusted pricing improved 3.3
percent, and freight-adjusted unit cost of sales decreased 1 percent. As a result, aggregates unit
gross profit increased 9 percent to $6.25 per ton.
Financial Position, Liquidity and Capital Allocation
• Capital expenditures in the second quarter were $68 million ($177 million year-to-date). The
Company continues to expect to spend between $275 and $325 million on capital this year, most
of which is for core operating and maintenance projects.
• For the quarter, the Company returned $45 million to shareholders through dividends, a 10
percent increase versus the prior year. The Company did not repurchase any shares in the quarter.
• At quarter-end, total debt to trailing-twelve month Adjusted EBITDA was 2.5 times (1.9 times
on a net debt basis reflecting $817 million of cash on hand). The Company's weighted-average
debt maturity was 14 years, and the effective weighted-average interest rate was 4.1 percent.
• On a trailing twelve-month basis, return on invested capital increased 100 basis points as solid
earnings growth was leveraged with disciplined capital management.
Chairman and Chief Executive Officer, said, "Our second quarter results demonstrate the
resiliency of our best in class aggregates-led business and reflect the proactive response by
our employees to the COVID-19 pandemic. Our operational execution was integral to
widespread gains in unit profitability, despite some disruptions to construction activity
during the quarter. I am proud of our employees' ability to quickly adapt to the necessary
additional safety protocols we have put in place in this environment, while maintaining their
focus on operating safely and positioning Vulcan for continued success."
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Solutions Updates
Resources Industry

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LafargeHolcim (Switzerland) and IBM join forces to further develop ORIS – the
first digital materials platform for sustainable road solutions
39
Solution Description
LafargeHolcim announces it will work with IBM Services to further develop the first digital platform for road design optimization, ORIS. The
solution can reduce road project costs by up to one-third and carbon emissions by up to half while tripling road durability and usage lifespans.
ORIS allows decision-makers, road infrastructure authorities and project investors to improve road construction and sustainability and reduce
inefficiencies through smart project design. This is especially timely as governments design stimulus packages to revive economic activity post
COVID-19 while also responding to the impact of climate change. An average of 700,000 kilometres (435,000 miles) of new roads are being built
globally every year. Improving road quality and resilience will help reduce the massive amount of carbon emissions attributed to transportation.
Because roads vary depending on location, climate, vehicle types and traffic volumes, it is a complex challenge to define the most sustainable and
cost-effective mix of building materials and technologies early in the design phase. ORIS assesses road pavement designs from different
perspectives and recommends efficient construction and maintenance patterns with local materials availability and capabilities. ORIS is supporting
public policies that conserve natural resources, enabling a more local and circular economy in road construction. LafargeHolcim will leverage
IBM's portfolio of digital platforms, hybrid clouds, digital design services, as well as IBM's expertise in machine learning, artificial intelligence,
industrial Internet-of-Things and data analytics to enhance even further its materials knowledge in cement and ready-mix concrete products, as
well as its solutions and products, including precast concrete, asphalt, mortar and building solutions.

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Mondi (United Kingdom) launches gaming app about workplace safety
40
Solution Description
Mondi, a global leader in packaging and paper, has launched a health and safety app as a new way to communicate to its colleagues on wellbeing
in the workplace. Mondi Corrugated Solutions has launched the app to raise awareness of workplace safety rules in an accessible and entertaining
way. The app entitled HEADS UP! is free to download for all Mondi employees and the general public. The app incorporates the latest research
on the psychology of safe behaviour into a game format to reinforce commitment to the nine safety rules across Mondi’s plants and mills. The game
design takes its inspiration from corrugated boxes, the main product of Mondi Corrugated Solutions and features the company's corporate colours
and branding, making it instantly recognisable and familiar. We used the priming psychology effect in our health and safety communication at
Mondi. In the app, we’ve deployed this effect by using gamification to connect the learning of behavioural rules with a positive experience of
playing a game Says, Safety and Health Manager, Mondi Corrugated Solutions who led the development of the app.

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