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Ukrainian Specialty Steel

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1. Valuation summary

2. Interpipe in the saddle
Reins handed over in 1H06
McKinsey & Company team hired
Generous dividend payout
Financial reporting standards get a boost
Cost overestimation reduced in 2006
Reported financials beat our forecasts
Stronger 2006 operating results
Shipments grew by 4% yoy
Product mix shifted toward more value added products
Business optimization programs
Total operational performance (TOP) optimization program
Qualifications from global giants continue
Dump utilization to start in 2007

3. Solid demand feeds growth
Vigorous start to 2007
Market outlook is positive in the mid-term
Key demand indicators by market
Ukraine: Growth in all segments
Global: Specialty – stable; Stainless – growing

4. Specialty steel prices
Stainless steel drives up Dniprospetsstal’s selling price
Other niche steel product prices are less volatile

5. Valuation
DCF model
Peer comparison
Case study: Stainless steel – Further growth or dramatic downturn ahead?
Is this the peak of nickel prices?!...
Experts say: “Presently nickel is a lunatic market”
Analysts divided over long-term outlook of the nickel market

Appendix 1: Projected Dniprospetsstal financials
Appendix 2: Dniprospetsstal quarterly financials, UAS
Appendix 3: Dniprospetsstal quarterly analysis


DNSS relative performance
Performance, YTD
Trading volume, USD mln
Shareholder structure
Profitability dynamics
Transparency progress
Sales structure, ths mt
Product mix shifted toward more value-added products
Dniprospetsstal’s quarterly shipments, ths mt
Dniprospetsstal’s sales breakdown in 2006, ths mt
Machine building industry growth, yoy
Construction growth, yoy
Machine building industry growth in 1Q07, yoy
Stainless pipe production, ths mt
Industry growth forecasts, yoy
Global stainless steel demand index, Long products
Stainless steel vs Dniprospetsstal’s average product price, USD/mt
Niche-steel product prices, USD/mt


Market Information
Stock Ownership
Ratios, 2006
Key Financials & Ratios
Key Dniprospetsstal financials
Basic assumptions
Discounted cash flow model
Sensitivity analysis: Implied share price, USD
Key financials
Nickel price on the LME, USD/mt
CRUspi stainless steel, index
Top banks’ nickel price forecasts,  USD/mt
Difference between forecasted and factual average Ni price on LME in 2006
Income Statement Summary, USD mln
Balance Sheet Summary, USD mln
Quarterly Income Statement Summary, USD mln
Quarterly Balance Sheet Summary, USD mln


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