Nikopol Ferroalloy (NFER: SELL) cut its output 19.0% yoy for the period, to 628.6 ths mt. Zaporizhzhya Ferroalloy’s (ZFER: SELL) production fell 16.5% yoy, to 346.4 ths mt. In contrast, Stakhanov Ferroalloy (SFER: SELL) raised its production by 36.6% yoy, to 151.2 ths mt. Concorde Capital: The drop in output by NFER and ZFER is due to a lack in global demand for ferroalloys. The yoy production growth at SFER is due to the fact that the company did not produce in the beginning of 2004, as its capacities were idled.