Industrial production rises 11.5% y-o-y in February

Industrial production accelerated to +11.5% y-o-y in February (+10.5% y-o-y in 2M11), up from 9.7% y-o-y in January, according to data released yesterday by the State Statistics Committee. Mykyta Mykhaylychenko: The growth was achieved on the back of accelerating metallurgy output, which was up 17.4% y-o-y in February (+13.3% y-o-y in January) as average export steel prices went up 17% in the three months ending in January. For 2011, we expect industrial production to be up 7.3% vs. +11.2% in 2010.