Azovmash Equips Ukraine's Steel Mills.
13 January 2008
Azovmash, the managing company for Mariupol Heavy Machinery (MZVM: BUY) and Azovzahalmash (AZGM: BUY) announced that they had completed production of equipment for Alchevsk Iron & Steel (ALMK: BUY) for EUR 4 mln, and planned to make equipment for the same company for an additional USD 2.6 mln this year. Azovmash also is working on equipment for DMK Dzerzhynskogo for USD 10 mln in 2006. The orders of Alchevsk Iron & Steel are connected to the steel mill?s plans to increase its steel production capacity and reconstruction of its blast furnace. Concorde Capital: Ukraine?s metallurgical enterprises invested over USD 600 mln in the modernization of their equipment in 2004. SCM has announced plans to invest USD 2 bln in the modernization of its metallurgical companies in 2005-2010. Azovmash recently announced plans to increase consolidated sales by 11% to USD 627.5 mln in 2006.
