Evraz Initiates Management Structure Changes at DMZP, BKOK

At their AGM on April 11, DMP Petrovskogo Steel (DMZP: BUY) shareholders voted to terminate the position of Chairman of the Board and dismissed Vitaliy Kornievskiy from the position, according to Interfax. The position was replaced with a General Director, and shareholders appointed Yuriy Devyatkin to fill the post on a permanent basis. Meanwhile, at Bagliy Coke’s (BKOK: BUY) AGM on April 12 its shareholders voted to replace the company’s registrar, Invest-Consulting with R.O.S.T. Ukraine. Shareholders also established the position of general director, supplanting the former management board and chairman of the board. Yuriy Chop, acting chairman of the board, was appointed general director. Andriy Gerus: These moves are related to new owner Evraz clarifying the companies’ management structure. We maintain our view on the stocks; we reiterate BUY on DMZP and BKOK.