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Ministry of Industrial Policy Raises Steel Consumption Forecast

Ministry of Industrial Policy Raises Steel Consumption Forecast

19 October 2008

During the Metal Forum Ukraine 2007 conference yesterday, the Ministry of Industrial Policy raised its forecast for rolled steel consumption in 2007 to 11 mln mt (26.1% more than in 2006). Deputy Minister Dmitry Kolesnikov said that 1H07 domestic consumption was 5.5 mln mt, or up 1.5 mln mt yoy. We estimate that increased consumption will most benefit Metinvest steel companies, Azovstal (AZST: BUY and Enakievo Steel (ENMZ: U/R); and Privat Group steelmakers, DMP Petrovskogo (DMZP: U/R) and Donetsk Metal Rolling (DMPZ: U/R). We expect consumption to continue on an uptrend through 2012 due to economic growth and demand for steel related to Euro-2012.

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