Pivdenny Iron Ore 1H Sinter Output up 11%.
6 July 2008
The company (PGZK: BUY) produced 2.25m mt of sinter (up 11% yoy) and 4.28m mt of concentrate (up 0.1%) in the 1H06. Domestic sales accounted for 99% of PGZK’s total sinter sales in tonnage terms. Andriy Gostik: The revival of steel production in 2Q06 boosted domestic demand for iron ore and benefited domestic ore-dressing plants. We expect strong 3Q results from PGZK but a slightly less favorable 4Q. We expect annual sinter output growth of 10%-12% and concentrate production growth of ~1.5%.
