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Uzmetcombinat: STEEL production

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Uzmetcombinat is the only steel production enterprise in Central Asia, whose activity is highly supported by the Government of Uzbekistan. The plant has an approved Modernization Program for 2007-2011 that aims to potentially increase the enterprise’s level of steel production to an estimated figure of 750 thsd metric tons per year from its current level of 650 thsd metric tons per year.
Executive summary
• The steel products sector in Uzbekistan has only one producer- Uzmetcombinat, an enterprise with a full production process. Steel production on the plant is carried out in two facilities: an electric melting furnace and an open-hearth shop.
• The enterprise focuses mainly on hot rolled steel.Its auxiliary production includes rolled products from copper and its alloys, electrodes and other products.
• The plant now is going through the modernization process. The approved Program includes 9 investment projects whose total cost amounts to USD 49 mln. Uzmetcombinat intends to cover all investments with its own financial capacities, directing 60% of planned investments toward modernization.
• In 2008, the company decided to increase the volume of its charter capital by issuing common and preferred shares. Thus, the amount of common shares increased from 3,258,856 to 39,106,272 with a par value of UZS 800 and the amount of preferred units rose from 75,535 to 906,420. All minority shareholders can easily purchase new shares.
• Lower production costs will continue to support prices for Uzbek steel on a lower level compared to world prices, providing the opportunity to compete with other steel producers in terms of quality and sales volume.
• We believe that the world financial crisis won’t hurt the financial position of Uzmetcombinat, as it has a low level of debt and finances all its expansion activity using its own means. Moreover, Uzmetcombinat supplies all its products to Central Asian countries, which are developing very fast. Therefore, the plants’ capacities will be fully utilized despite the global economic slowdown.
• We recommend BUYing shares in Uzmetcombinat. The valuation showed that Uzmetcombinat has an upside potential with a target price of USD 21.20.


1. Uzmetcombinat
2. Executive summary
3. Uzbekistan’s steel industry: current picture and future prospects
4. Uzmetcombinat – the only ferrous metal producer in Central Asia
5. Production process: fully integrated
6. Products range
7. Major suppliers of production materials
8. Missiles engines market and land equipment sector
9. Outlets and export facilities
10. Quality of production……
11. Modernization program
12. Risks and Opportunities
13. Shareholders structure
14. Operational and Financial model
15. Comparative Valuation
16. Appendix

Перечень диаграмм и графиков обзора:

1. Uzmetcombinat’s production of steel, thsd metric tons
2. Key ratios, USD thsd
3. The number of the staff members
4. Fixed assets structure as for 01.01.2008
5. Production integration
6. Dynamics of steel production for Uzmetcombinat
7. Average price for steel bars: Uzmetcombinat and competitors, USD
8. Monthly finished steel production dynamics in 2008, % MOM
9. Current and projected export growth, USD mln
10. Certificates, given for production of rolled metal
11. Electrodes production, metric tons
12. Capital Expenditure dynamics, USD thsd
13. Net volume of the modernization and technical reequipment program
14. Shareholders’ structure
15. The history of dividends payments
16. Balance sheet, USD mln
17. Income Statement, USD mln
18. Statement of Cash Flows, USD mln
19. Margins, Ratios, Multiples
20. DCF valuation
21. Comparative valuation
22. List of products manufactured by Uzmetcombinat and certified according to International and European standards


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