OREANDA-NEWS. December 14, 2010. Enakievo steelworks plans to commision the blast furnace #3 in July 2011, thereby increasing plant’s pig iron output capacity from 2.5MT to 3.7MT per year. The company has incurred USD  40mn CapEx in 2010 to achieve this goal together with converter workshop modernization and PCI introduction.

Millennium Capital: the news is slightly NEGATIVE for ENMZ UK. In our view, shift in schedule of BF#3 launch from the beginning to the mid-year should delay possible operating economies from the new modern blast furnace. We also recall that in 3q2010 Enakievo Steelworks posted a net loss UAH 305 mn putting the company’s equity at negative UAH 210 mn.