Pipe Production Up 10.1% yoy In January.

Total output last month comprised 146.4 ths mt, with the ‘Big Four’ pipe producers accounting for 65% of production.

Company                                                         Jan-06         Jan-05       Chg, %      ths mt

Nyzhnyodniprovsky Pipe Rolling (NITR: BUY)        40.8           41.6          -1.9%

Dnipropetrovsk Pipe (DTRZ: BUY)                        16.2           15.7           3.2%

Novomoskovsk Pipe (NVTR: BUY)                        12.9           10.6           21.7%

Khartsyzk Tube (HRTR: SELL)                             25.1            14.7           70.7%

‘Big Four’                                                          95.0            82.6           15.0%

Ukraine’s Total                                                 146.4           133.0          10.1%

Concorde Capital: All of the ‘Big Four’ except Nyzhnyodniprovsky Pipe Rolling (NITR: BUY) increased their pipe output in January. The latter had to marginally cut its production last month due to the countrywide restrictions on gas supplies. The plant operates four open hearth furnaces that make steel consumed internally in pipe and railway wheel production. With the gas issue resolved, output at NITR is expected to rebound.