(Daniel Martinů) Nová Huť (NH) announced a delay of its new project – the launching of a mini mill for CZK 10.3 bil. The mini mill should have started operation in June, 1999; the delay is blamed on the general supplier IFC Kaiser, who will have to pay a penalty as a result. This delay reportedly costs Huť CZK 1 mil. per day and the total loss of the delay is estimated between CZK 600 mil. and CZK 1 bil. The new target date for operations at the mini mill to gradually begin is stated for the beginning of November. This delay has meant serious financial problems for NH and the 1999 bottom line should report a loss of hundreds of million Czech crowns. We maintain our short-term reduce recommendation.