Nikopol Ferroalloy Increases Output by 16.5% in 2007

According to Interfax, Nikopol Ferroalloy (NFER: N/R) increased output by 16.5% to 1.04 mln mt in 2007. Production of silicomanganese grew 22.3% to 0.77 mln mt, while output of ferromanganese climbed 4.5% to 0.27 mln mt. Andriy Gerus: In October 2007 Russia cancelled anti-dumping duties on high carbon ferromanganese, which will provide a positive environment for further production growth at Nikopol Ferroalloy. January 13 is the ex-rights date for the company’s additional share issue (fivefold charter fund increase). We believe that following subscription, the long row over a disputed 50%+1 stake in the company will be ended, as the Interpipe’s stake will be diluted to roughly 10%.