Steel Makers Report 10M Earnings

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        Azovstal (AZST: BUY)    10M06(USD) Chg, yoy

        Net Earnings               257 mln    19.4%

        Sales                      2.2 bln    -1.8%

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        Mittal Steel (KSTL: BUY)                   

        Net Earnings               287 mln    81.0%

        Sales                      2.3 bln    27.0%

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        Marupol Illicha (MMKI: BUY)                 

        Net Earnings               233 mln   -35.0%

        Sales                      2.2 bln    -6.8%

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        Zaporizhstal (ZPST: BUY)                   

        Net Earnings               185 mln     7.8%

        Sales                      1.3 bln    -3.5%

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Andriy Gostik: Mittal Steel Kryvy Rig continues to massively outperform its Ukrainian peers in terms of reported sales growth and profitability. Its disclosed 10M06 numbers are in line with our projections as of Nov 21, 2006.