Metals and Mining

We upgrade ArcelorMittal Kryvyy Rih [KSTL UZ, BUY] from HOLD to BUY due to the recent technical share price decrease.

In 1H2008, Interpipe Nyzhnodniprovsky Pipe Rolling Works [NITR UZ, BUY], reduced its pipe output 2.3% YoY to 303.3 thsd metric tons.

Interpipe Novomoskovsk Pipes Plant [NVTR UZ, BUY] increased its pipes output 38% YoY to 184.5 thsd metric tonnes in 1H2008.

Dniprovsky Iron & Steel Works named after Dzerzhinsky, or simply Dzerzhynka [DMKD UZ, BUY], is reportedly conducting cold tests of a brand new concaster No. 1.

The Zaporizhzhya Refractory [ZPVT UZ, N/R] increased output 0.5% YoY to 130 thsd tons in 5M2008.

Mariupol Illich Iron & Steel Works [MMKI UZ, BUY] has signed a 2008-2011 contract with the Russian Metalloinvest for supplies of 1.2 mln mt of iron ore concentrate per year.

The Zaporizhzhya Refractory [ZPVT UZ, N/R] increased output 0.5% YoY to 130 thsd tons in 5M2008.

At the July 04 AGM, shareholders of Alchevsk ISW [ALMK UZ, BUY] approved the results of a share offering that lasted almost a year - from July 16, 2007 until June 25, 2008. As a result, the statutory fund increased by 139% to UAH 2.56 bln (about USD 550 mln).

Interpipe Nyzhnodniprovsky Pipe Rolling Works [NITR UZ, BUY] has introduced a new anti-corrosive coating line for oil and gas pipes.

At a July 04 EGM, shareholders of Azovstal [AZST UZ, BUY] approved a statutory fund increase plan.