Coke Production Increases by 8.2% yoy in January 2008

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Company, ths mt                  Jan 2008   Jan 2007  Chg, yoy
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Avdiyivka Coke (AVDK: BUY)    393        258        52.3%
Bagliy Coke (BKOK: BUY)           62         50        24.0%
Alchevsk Coke (ALKZ: HOLD)    304        266       14.2%
Yasynivsky Coke (YASK: BUY)   144        154       -6.5%
ZaporizhCoke (ZACO: SELL)     143        166      -13.9%
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Total, Ukraine                         1,784       1,649     8.2%
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Source: Metal Expert

Andriy Gerus:We stickto our bullish view on Avdiyivka and Bagliy Coke taking into account their strong growth in output to start the year. Though it decreased production slightly in January, we still believe the mid-term perspective is positive for Yasynivsky Coke due to strong demand and its secured coal supply. ZaporizhCoke’s poor operating results reinforce our SELL recommendation.