Ilyich adjusts pipe prices

Ilyich Iron and Steel Works of Mariupol adjusted prices for certain pipes for domestic market. The new average price levels are as follows:

 
Product          Rate of Increase                  Price

Seamless Pipes   UAH 119/ton (approx. $24)     UAH 3,619/ton (approx. $717)

Electro-welded   UAH 127/ton (approx. $25)     UAH 2,675/ton (approx. $530)

The new prices are affective from July 31, 2006. The prices exclude VAT.