Metals and Mining

At the July 31 AGM, shareholders of Khartsyzk Pipes & Tubes [HRTR UZ, N/R] decided to declare 98% dividends (DPS UAH 0.122, or USD 0.0263; dividend yield 7.4% at the July 31 close of UAH 1.65).

More details have emerged about the July 30 EGM of Zaporizhstal [ZPST UZ, Strong BUY] at which the company declared 100% dividends.

At the July 20 EGM, shareholders of Zaporizhstal [ZPST UZ, Strong BUY] declared 100% dividends for 2007 (DPS USD 0.043, dividend yield 8.4%, USD 114 mln total dividends).

Joint Venture Metalen LLC, which together with OJSC Enakievo ISW [ENMZ UZ, BUY] comprise the so-called Enakievo ISW Group, has released its 1H08 financials.

Zaporizhstal [ZPST UZ, Strong BUY] reported in an official press release some of the details on the two main aspects of its vast USD 1.7-2.0 bln modernization program.

In the July 24 issue, Kommersant-Ukraine featured a piece on a possible merger between the Evraz Group [EVR LI, N/R] and the Industrial Union of Donbas (IUD).

Alchevsk ISW [ALMK UZ, BUY] signed a contract for the rest of 2008 for deliveries of directly reduced iron (DRI) briquettes from Lebedinskiy GOK of the Russian Federation.

Nikopol Ferroalloys [NFER UZ, N/R] reduced output 1% YoY to 541 thsd metric tonnes in 1H2008.

Dnipropetrovsk Comintern Steel Works [DMZK UZ, U/R] increased pipes’ output by 31.4% YoY to 116.2 thsd metric tonnes in 1H2008 and produced 17.8 thsd metric tonnes in June 2008.

We upgrade Dnipropetrovsk Iron & Steel Works named after Petrovsky [DMZP UZ, BUY], or Petrovka, from HOLD to BUY due to the recent technical share price decrease.