Poltava GOK Latest Victim In Struggle With Russia.

Russia’s Magnitogorsk Steel Mill (MMK) halted pellet purchases from Poltava GOK (PGOK: BUY) after Russia cancelled preferential railway tariffs for iron ore supplies from Ukraine. Increased of railway tariffs made Poltava GOK’s pellets more expensive for MMK, which then resumed buying pellets from Sokolovo-Sarbayskiy GOK in Kazakhstan. Concorde Capital: Although  negative news, the loss of MMK is not critical for Poltava GOK who will now simply redirect more of its sales to China to replace MMK’ share. PGOK sells over 95% of its pellets abroad – the company’s main markets are in Eastern Europe and Asia.