|
Sections |
| Title | Starting Page | Number of Pages |
|---|
| Stock market | 3 | 2 |
| Steels at a glance | 3 | 1 |
| KSTL as a defensive play on the bearish Ukrainian market | 3 | 1 |
| Share buybacks by ArcelorMittal | 4 | 1 |
| AM Kryviy Rih as a dividend play? | 4 | 1 |
| Juncture for upstream & downstream expansion | 5 | 4 |
| New management team brought into the fold | 5 | 1 |
| +60% to iron ore output, eyeing oxidized ore resources | 6 | 1 |
| +47% to steel production, broadening product profile | 7 | 1 |
| Regional hub for the group s growth | 8 | 1 |
| Margin expansion on low cost and strong prices | 9 | 3 |
| Profitability: above industry average, will strengthen in 2008 | 9 | 1 |
| Cash costs will stay below the industry average | 10 | 1 |
| SUPERIOR IRON ORE INTEGRATION IS KEY ADVANTAGE | 10 | 1 |
| OTHER COST ADVANTAGES | 10 | 1 |
| Revenues will rise along with a strong up-cycle | 11 | 1 |
| Steel market: Robust demand vs. supply constraints | 12 | 1 |
| Valuation | 13 | 7 |
| Comparison by financial multiples | 14 | 1 |
| Comparison to ArcelorMittal-labelled companies | 15 | 1 |
| EV/Steel Output multiple comparison | 16 | 1 |
| Sum-of-the-parts valuation | 17 | 1 |
| DCF valuation | 18 | 1 |
| DCF models | 19 | 1 |
| Scenario 1 | 19 | 1 |
| Scenario 2 | 19 | 1 |
| Appendices | 20 | 7 |
| Iron ore seaborne market concentration and historical prices | 20 | 1 |
| Quarterly financial statements | 21 | 1 |
| Income statement summary, USD mln | 21 | 1 |
| Balance sheet summary, USD mln | 21 | 1 |
| Projected financials | 22 | 1 |
| Income statement summary, USD mln | 22 | 1 |
| Balance sheet summary, USD mln | 22 | 1 |
| UAH/USD Exchange Rates | 22 | 1 |
| Despite SPF s claim, reprivatization risk is low | 23 | 1 |
| Analyst Certification | 24 | 1 |
| ArcelorMittal Kriviy Rih* | 24 | 1 |
| KSTL Recommendation history, USD per share | 24 | 1 |
| Investment Ratings | 25 | 2 |
