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Metals and Mining



Metals and Mining
June 2, 2010
In 5M10 Ukraine has increased its steel output by 21% YoY
According to Interfax, Ukraine’s steelmakers in 5M10 increased steel output by 21%, to 13.9 mln tonnes.
Metals and Mining
June 1, 2010
Zaporizhstal sold to Russian investors

According to Ukrainian mass media, the country’s fourth largest steelmaker, Zaporizhstal [ZPST UK], has been sold to a group of Russian investors represented by Russia’s state-owned Vnesheconombank. The deal reached USD 1.7 bln, or USD 0.64 per share. Ukraine’s Metinvest Holding, in the process of registering the deal, was returned its prepayment in the sum of USD 50 mln with an additional USD 50 mln as compensation.

Metals and Mining
May 31, 2010
MMKI accuses broker of the Company’s sale

In a press release, representatives of Mariupol Illich ISW [MMKI UK] blamed the Company’s broker for the registration of the Company’s sale. After receiving a formal power of attorney for completing internal transactions with the shares of MMKI, the broker seized the opportunity to make the deal possible.

Metals and Mining
May 28, 2010
Posco lost interest in the acquisition of Zaporizhstal

According to Interfax, S. Corean POSCO will not anticipate in tender of acquisition of the fourth biggest steelmaker of Ukraine, Zaporizhstal [ZPST UK]. The rationale behind the decision is that the company needs heavy capital spending to bring its operational base up to date. POSCO also notes that there are not enough raw materials to secure stable work of Zaporizhstal.

Metals and Mining
May 27, 2010
Russian investor reported to have bought MMKI: NEUTRAL

According to Interfax, an unnamed Russian metallurgical concern has bought 100% of the shares in Illich Stal, which controls Mariupol Illich ISW. The company’s management denies the acquisition and has referred to the deal as being a provocation and merely an attack by raiders.

Metals and Mining
May 21, 2010
Ukraine's GOKs to benefit from introduction of mining tax

According to Interfax, Australia may introduce a 40% tax on the resource mining industry in the medium term. This tendency may spread to other countries that have a solid mineral resource base, such as Brazil, Canada, and South Africa. If the increase takes place, the profits of the world’s biggest iron ore producers may be at risk.

Metals and Mining
May 20, 2010
MMKI to decrease output because of a lack of orders

According to Vladimir Boyko, Mariupol Illich ISW’s CEO, the company will decrease its average daily steel output in May to 14 thsd tonnes (-17% MoM) from 16.9 thsd tonnes in April. This decline results from a lack of orders for the company’s steel products. The company plans to use this excess capacity to perform regular repairs.

Metals and Mining
May 18, 2010
Poltava GOK to sell its stake in related GOKs to Ferrexpo

According to the Ukrainian news agency, Poltava GOK’s [PGOK UK] shareholders on their AGM decided to sell the company’s stake in Yeristovo GOK and Belanovskyi GOK to the mother company, Ferrexpo. These two GOKs hold licenses to explore Yeristovskoe’s and Belanovskoe’s iron ore deposits.

Metals and Mining
May 14, 2010
Ferrexpo will step up iron ore shipments to China’s Shagang
Ferrexpo [FXPO LN], the Ukraine’s second largest iron ore producer, which controls Poltava GOK [PGOK UZ], and China’s largest private steelmaking company Shagang have signed a 10-year agreement for the supply of up to 350 thousand tonnes of iron ore per year. This contract expands the previous agreement between the two companies, signed in 2007.
Metals and Mining
May 13, 2010
Ukrainian business group takes control of Zaporizhstal
According to the Ukrainian news, an unnamed Ukrainian business group has acquired a 50% stake in the Ukraine fourth largest steel producer, Zaporizhstal [ZPST UK]. This information was made public by the Governor of the Zaporizhiya region, Boris Petrov.

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