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Azovmash maintains December output level in January

Azovmash maintains December output level in January

3 February 2010

Azovmash, which includes Azovzahalmash (UX: AZGM UK) and Mariupol Heavy Machinery (UX: MZVM UK), produced 830 railcars in January (755 tank cars and 75 gondolas), vs. 853 railcars in December, Interfax reported yesterday, citing the company’s press office. Yegor Samusenko: This is a second month in succession Azovmash’s output exceeded its 2005-2008 monthly average, after a slowdown in production in 4Q08-3Q09. We are cautiously optimistic about Azovmash’s prospects in 2010, but our concerns are with the fact that gondola railcars remain a small share of Azovmash’s production while they accounted up to half of 2005-2008 sales. We see this news as neutral for Mariupol Heavy Machinery and Azovzahalmash stocks.

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