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Metinvest to Increase Domestic Sales 54% in 2007

Metinvest to Increase Domestic Sales 54% in 2007

22 October 2008

Metinvest, the holding company for SCM’s metal and mining assets which include Azovstal (AZST: BUY) and Enakievo Steel (ENMZ: BUY), via the restructuring of its metal trader, intends to increase domestic sales by 54.3% yoy via the restructuring of its metal trader, in 2007 (to 1,364 ths mt) and another 17% in 2008, said General Director Oleh Olshansky at the Metal Ukraine Forum 2007 on Friday. According to Olshansky, Metinvest has forecasted metal consumption in Ukraine to grow by 30% alone this year. Earlier this month, Metinvest announced that it would restructure its metal trader Leman Ukraine into two separate entities: wholesaler Metinvest Ukraine and retail arm Metinvest CMTS. Enakievo Steel, one of Metinvest’s key steel assets, looks like one of the best plays in the steel industry. The company will expand production the most among local players until 2012, has been showing greater transparency over the last few reporting periods in line with Metinvest’s restructuring plans and the steel mill’s merger with its trader Metalen could nearly double its value. The stock currently has a 77% upside to our target price of USD $120 (see our steel sector update from October 19 for more details).

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