We estimate the level of January output as good in view of there being plenty of days off in the first month of the year. Despite some seasonal decrease in demand, we see good prospects for this Company in 2010, first of all because of the assortment of its products, - OCTG sector pipes (see our Trade Idea “NVTR: Recovery Course”). The pipe prices rise started in January (from 1 to 5% for different types of pipes) confirms our forecasts.

Vitaliy Khandeldy