South 32 (S32) shares steady on meet at the quarterly report
South32 (S32) unch; This is a stock firmly on our radar and today they delivered their December Quarter production & sales numbers – all looked OK. Aluminium was flat QoQ but there was power issues so a reasonable outcome, Alumina was up on the quarter and the half although prices were weaker, Manganese production was lowered due to low prices, nothing like low prices to cure low prices - in any case, looks like Manganese price has seen the low as we mused in the AM note today which covered our view on resources (click here). Met Coal used in steel making showed reasonable numbers despite some relocation of production during the period while Energy Coal saw lowered guidance, again though, prices here seem to have turned. Guidance across the board maintained other than Thermal Coal.
South32 (S32) Chart
