Daily monitor

Astarta Holding [AST PW, BUY], a vertically-integrated agro holding, is proposing to not pay dividends, but to reinvest all its net income of USD 33.31 mln.

Ukraine’s real GDP in May rose 7.2% YoY, compared to 6.7% YoY in April.

Concern Stirol [STIR UZ, U/R] was the first company to pre-register some substances for REACH.

On June 14, Concern Stirol [STIR UZ, U/R] emitted a small amount of sulfuric oxide mix during a launch of an aggregate after planned repairs.

Ukrros Sugar [UROS, N/R], one of the top Ukrainian sugar refineries, has decided to shut down one of its plants in Dnepropetrovsk, the Gubiniskiy Sugar Refinery, which has a total output capacity of 6 thsd mt of beet sugar per day. In addition, Ukrros decided to invest nearly USD 8 mln in the modernization of its three plants in Kharkiv, Cherkassy and Ternopil during its recent AGM.

Standard & Poor's downgraded Ukraine’s sovereign long-term rating in foreign currency to B+ from BB-. The country was also demoted in domestic currency to BB- from BB, with a stable outlook on both ratings. S&P referred to the pro-cyclical economic policy of the Ukrainian government and its inability to combat inflation effectively.

Ukrainian cement plants increased production 24.3% in Jan.-April this year to 4.73 mln tons compared to Jan.-April 2007. The companies, which together form the Ukrcement Association, increased cement output 16.7% YoY to 3.77 mln tons in the last four months.

Turboatom [TATM UZ, N/R] signed a USD 19 mln sub-contract in the beginning of June with Russian Power Machines (PM) to deliver four rotary bucket-wheels for the Kaplan-type 165 МW vertical HPS to Shansogou (China). The first of the 8.5 m diameter wheels will be delivered in the next 24 months. The remainder will be delivered in five, four and three month intervals between deliveries.

ArcelorMittal Kryvyy Rih [KSTL UZ, HOLD] surprised yet again, having declared UAH 1.5 (USD 0.31) per share dividends at its June 12 AGM. The ex-dividends date was the day of the meeting, June 12. Natural persons have until September 01, 2008, and legal persons - until December 29, 2008 to apply for dividends.

On June 11, Azovstal [AZST UZ, BUY] reported in an official press release that it has produced first slabs at its brand new concaster No 6. The 2.5 mln mt Danieli machine has entered a testing stage, and its launch will increase Azovstal’s continuous slab casting capacity to 6.5 mln mt.