Coke production increases by 8.1% yoy in 1Q08

Coke production increases by 8.1% yoy in 1Q08.
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Company, ths mt         1Q07     1Q08  Chg, %
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AVDK (BUY)                849.0  1,155.0    36,0
ALKZ (U/R)                780.0    912.6    17.0
KSTL (SELL)                767.0    737.8    -3.8
AZST (BUY)                 616.0    616.4     0.1
YASK (BUY)                 441.0    414.0    -6.1
ZACO (SELL)                462,0    439,6    -4,8
BKOK (BUY)                 173.0    182.1     5.3
DniproCoke                  169.0    168.2    -0.5
Dniprodzerzhynsk Coke 155.0    169.9     9.6
———————————————————
Total                           4,904.0  5,301.3     8.1    
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Source: Ukrainian News, Cabinet of Ministers of Ukraine

Andriy Gerus: Avdiyivka’s March production came as a surprise to the market and is still not priced in: 407 ths mt of coke, up 15% mom. We attribute the company’s strong output growth to the launch of new coke battery with capacity of 690 ths mt in January, increasing demand from acquired by parent Metinvest in mid-2007 Makiyivka steel and improving coal supply.