Mittal Steel Kryvy Rig To Invest USD 250 mln In Ore Mining In 2006-2009.

Concorde Capital: We estimate that the planned increase of iron ore extraction would not only allow KSTL to become self sufficient in iron ore (even taking into account the projected growth of steel output from 7.5 mln to 10 mln) but will also enable Mittal Steel to ship excess ore to its Eastern European mills. KSTL should benefit from increased sales and is likely to improve margins in the mid-term should this plan be realized.