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Metals and Mining


Metals and Mining
June 16, 2009
NFER, a Ukrainian commodities hedge fund?
May go bust. Creditors will not mind. Minority shareholders should SELL.
Metals and Mining
April 29, 2009
OJSC Enakievo ISW sells stake in Metalen
In 1Q09, OJSC Enakievo ISW sold its 37.04% stake in JV Metalen LLC to Metinvest Holding LLC. The price is unknown; our estimate is USD 55-65 mln. Our interpretation: Metinvest Holding provided OJSC Enakievo ISW with liquidity, to be used in particular for the construction of Blast Furnace No. 3. Metinvest benefited from that deal by effectively increasing its share in the Enakievo ISW group, because OJSC Enakievo ISW will now have to issue 9.07 mln new shares in order to acquire all rights in Metalen (previously, we expected the issuance of 5.71 mln new shares). We also do not rule out additional share issuances aimed at financing BF No. 3’s construction.
Metals and Mining
November 13, 2008
Metinvest pawning Khartsyzk Pipes’ shares?
On November 12, 2008, 272.57 mln of shares of Khartsyzk Pipes & Tubes (10.49%) changed hands. Most remarkably, the deal went through the PFTS exchange, the price being UAH 2.12 (USD 0.367) per share, for the deal’s total of USD 100.15 mln. We argue that the deal was not technical, and instead likely indicates that Metinvest needs cash, likely for an acquisition. The shares may now serve as the collateral. Should more HRTR deals go through, it may indicate a complete and permanent sellout, but only with additional support for such a possibility.
Metals and Mining
November 4, 2008
Enakievo ISW group: bonus season approaches
The corporate structure of the Enakievo ISW group requires a cleanup: the OJSC Enakievo ISW and Metalen LLC should merge. We speculate that the reorganization: (1) will take place by the year’s end, (2) will follow a particular scenario, and (3) will be positive for Enakievo ISW’s stock.
Metals and Mining
October 30, 2008
Flash Note: Kostyantin Zhevago and the Global Crisis
After an adventurous summer, the young Ukrainian business wizard is about to learn many useful lessons and to face his toughest opponent yet.

Daily monitor

Metals and Mining
April 5, 2011
Metinvest GOKs increased production in the 1Q11

The processing plants of Metinvest increased production of iron ore concentrate by 4%, to 8.69 million tones in the 1Q11 in comparison with the same period last year, but at the same time the production of pellets was reduced by 5%, to 2.94 million tones.

Metals and Mining
April 4, 2011
Ferrexpo [FXPO LN, N/R] has placed five-year Eurobonds worth USD 500 mln at 7.875%
Ferrexpo plc., ore mining company with assets in Ukraine, has placed five-year Eurobonds worth USD 500 mln at an annual interest rate of 7.875%.
Metals and Mining
March 28, 2011
Moody’s has assigned a (P)B3 rating to the Ferrexpo’s [FXPO LN, N/R] planned USD 500 mln Eurobond issue
International rating agency Moody's Investors Service has assigned a preliminary rating of (P)B3 to the planned issue of five-year Eurobonds of the ore mining company Ferrexpo plc [FXPO LN, N/R]. The planned volume of the issue is USD 500 mln.
Metals and Mining
March 25, 2011
Alchevskiy ISW [ALMK UK, U/R] increased net revenues by almost 6% in 2010
The Alchevskiy metallurgical plant, which is controlled by the Industrial Union of Donbass, increased its net revenue by 5.7%, to USD 1.34 bln, in 2010, while the gross profit of the company grew by 10%, to USD 1.535 bln.
Metals and Mining
March 14, 2011
Avdiivka Coke [AVDK UK, U/R] published USD 2.7 mln of net loss in 2010

According to the preliminary data, Avdiivka Coke has received a net loss of USD 2.7 mln in 2010.

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