Bagliy Coke launches coke battery #7

Bagliy Coke, in an article in Ukraine’s Metal Expert this week, announced it brought coke battery #7 onstream, after keeping it in standby mode for nearly 1.5 years. According to a company representative, the battery, with an annual capacity of 0.5 mln mt of coke, will produce 0.18 mln mt in 2008, bringing the company’s overall output to 0.9 mln mt of coke in 2008 (up 30% from 0.69 mln mt in 2007). Andriy Gerus: This news is fully in line with our expectations. We confirm our BUY recommendation on Bagliy Coke, while retaining our previous 12M target of USD 0.30 per share (see yesterday’s flash note for more details).