Daily monitor

System Capital Management (SCM) has officially stated that it is no longer a major shareholder in the Luhansk brewery. SCM sold its beer asset to Keg Service Ltd., the deal details for which have not yet been disclosed.

Ukrproduct [UKR LN, N/R], a Ukrainian independent dairy producer, held an emergency general meeting on January 29, 2009.

On January 21, 245.0 thsd mt of crude oil were sold at Resources Auction 125, which took place on the floor of the Ukrainian Interbank Currency Exchange. According to our source at the UICE, the average price of oil was UAH 1,334 per mt (down 8.0% from the previous Auction on December 24, 2008), or USD 19.4 per bbl (excluding VAT, at USD/UAH 7.8075, down 6.5%).

The total volume offered at Auction 125 was 416.4 thsd mt, 55% of which was sold.

The Austria-based Slav AG Company and Russia's Vnesheconombank were expected to transfer UAH 1.1 bln to PromInvestBank by the end of December 30, according to Interfax-Ukraine.

At a December 30 EGM, shareholders of Poltava GOK [PGOK UZ, U/R], also called Ferrexpo Poltava Mining, voted two representatives of DCM DECOmetal International Trading GmbH, off of its Supervisory Board. According to a company press release, the decision is related to the fact that on December 22, 2008, Poltava GOK bought back all shares that were owned by DCM DECOmetal International Trading GmbH.

In 2008, Astarta [AST PW, BUY] harvested more than 394 thsd mt of grains and oilseeds (+96% YoY), and processed more than 32 thsd mt of raw milk ( +20% YoY).The company processed 1.5 mln mt of sugar beet (+61% YoY) and its sugar production totaled 235 thsd mt (+51% YoY). Moreover, the company’s share on the domestic sugar market increased two times to 15%.

According to Metal Courier estimates, the Enakievo ISW group, which includes OJSC Enakievo Iron & Steel Works [ENMZ UZ, U/R], smelted 199 thsd mt of steel in December, which is up 49% MoM. This month’s output is only 14% below the 11M08 average of 230 thsd mt.

Zaporizhstal [ZPST UZ, U/R] increased crude steel output to 283 thsd mt in December, according to Metal Courier estimates, which is up 20% MoM and only 15% below the average 11M08 level of 333 thsd mt per month.

Metal Courier has reported preliminary estimates of steel production numbers for December. The total crude steel output of Ukrainian steelmakers amounted to 1.99 mln mt this month, which is 25% above the November reading of 1.60 mln mt, but still 38% below the average 11M08 monthly level of 3.19 mln mt.

Mariupol Illich Iron & Steel Works [MMKI UZ, U/R] increased crude steel output to 295 thsd mt in December, according to Metal Courier estimates, which is up 44% MoM but still 39% below the average 11M08 level of 483 thsd mt per month.