Russian steel capex plans 2008

The analysis enclosed lists MCI's understanding of modernisation intentions in the Russian steel sector as at mid-2008.

The financial crisis will of course have resulted in the delay of many of these planned modernisations.
For an update of this analysis, please contact:

Email: MCI@steelonthenet.com 
Telephone +44 775 149 0885.
Website: http://www.steelonthenet.com/consulting.html

For investment analysis see attachment.