Daily monitor

Ukrnafta [UNAF UZ, Strong BUY] plans to sell 226.8 thsd mt of oil and 7.3 thsd mt of gas condensate at the Ukrainian Energy resources Auction 119 on July 22.

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.

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

In 1H08, Stakhaniv Railcar Works [SVGZ UZ, BUY], increased its production by 33.7% (852 railcars) up to 3380 railcars as compared to the corresponding 2H07 number.

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

Ukraine’s Ministry of Agriculture is seeking funds in order to create grain reserves. Yuriy Melnik, the Minister of Agriculture, stressed the dire need for grain procurements, so as to keep grain’s prices from falling on the domestic market.

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

The Supervisory Board of Naftohaz of Ukraine was replaced by the Cabinet of Ministers of Ukraine on July 16. For the past few years, CMU had controlled Naftohaz directly, and the old Supervisory Board members were not actively involved in overseeing the company.

Concern Galnaftogaz [GLNG UZ, Speculative BUY] has reported selected consolidated IFRS financial results for FY07 and 1Q08.

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.