Alchevsk Steel (ALMK) brought 3 blast furnaces to full capacity and plans to bring one more on-line by March 15, Interfax reported, citing CEO Taras Shevchenko. The company had shut down two furnaces completely during the crisis and reduced capacity at two more.

Eugen Dubogryz: The news was fully expected given Alchevsk announced the planned move in early February. The restart of the two furnaces indicates Alchevsk has fully resolved working capital issues that plagued the plant in December-January. With necessary financing now being provided by the plant’s new co-owners, we reiterate our FY10 estimates: we project Alchevsk will boost steel production 17.3% y/y to 4.3mmt, and post US$ 1.63bn in net revenues (+27% y/y) and EBITDA of US$ 106.8mn (+71% y/y) in 2010.