bloomberg gmkn ru chmf nlmk ntmk mech zsmk magn uelm vsmo chzn global steel prices likely to remain high in 2004 5 economic recovery 85 capacity utilization and china import growth at 15 7 cagr continue push towards 500hyphenminus 600 ton indian demand looks set support through 2005 russian gdp boost domestic consumption producers expect strong on the back of a projected doubling by 2012 offsetting decline exports norilsk nickel becoming player is positioning itself as worldhyphenminusclass integrated metals & mining company we believe consolidation s gold assets could add much 2 bn its valuation three top picks nonhyphenminusferrous vsmpo dynamic titanium producer with leading market position uralelectromed core asset secondhyphenminuslargest copper ugmk chelyabinsk zinc play possible reuters rt exhibit 1 ev ebitda
