Epstein Secrets

steel to meet their needs, such as the Middle East and Africa. Other worldwide regions such as the European Union, Other Europe, South America and Oceania are comparatively self-sufficient, for the most part producing the supply of steel that each of their markets necessitate in a given year. In yet a

ive governments to put in place protective tariffs on unfairly "dumped" steel imports in order to achieve a fair and level playing field. Page 188 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086747 CONFIDENTIAL SDNY_GM_00232931 EFTA01385462

ported steel billets from China to melt down in EAF's due to cost advantages. Turkey is the key player to keep an eye on in the global scrap trade. Oceania Oceania, which includes Australia and New Zealand, makes up less than 1% of global supply / demand for steel and is therefore less of a focus marke

2010 18891 2011 (4971 2012 (2,466( 2013 (1.9391 2014 12.9311 2015 (2.507) 2016 11.8741' Sone Dostto,* &int tbecnorp /rya ev, r.44.• 4, Deutsche Bank Securities Inc. Page 193 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086752 CONFIDENTIAL SDNY_GM_00232936 EFTA01385467

3January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite The Middle East & Africa Similar to Oceania. the Middle East and Africa account for small percentages of global supply and demand. Both appear to import the majority of their steel needs from

teel prices in a given market reflect regional relationships between supply and demand and may differ meaningfully from market to market. Page 194 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086753 CONFIDENTIAL SDNY_GM_00232937 EFTA01385468

93.1% 24.1 - - 100% 25.9 Ada 84.6% 952.0 15.4% 173.1 - - 100% 1,125.1 Australia & New Zealand 78.2% 4.6 21.8% 1.3 1 - 100% 5.9 Oceania 78.2% 4.6 21.8% 1.3 • • 100% 5.9 Total 74.3% 1,209.2 25.3% 411.8 0.5% 7.4 100% 1,628A $0.tte Cer2t'e Sn. r^etcreict Steer Assoc...x

.2% 4.6 21.8% 1.3 • • 100% 5.9 Total 74.3% 1,209.2 25.3% 411.8 0.5% 7.4 100% 1,628A $0.tte Cer2t'e Sn. r^etcreict Steer Assoc...x.1 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL Page 195 DB-SDNY-0086754 SDNY_GM_00232938 EFTA01385469