Epstein Secrets

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Worldwide Steel Consumption (Apparent Demand) In this section we explore global steel apparent demand trends. In Figure 20

RICA 24992 as,en 324204 20231 32.010 25080 *417 40307 47032 40,016 2% 47% % •.. YoY 14% 115% 143% .75% at% 119% 1021% 2.8% 23% OCEANIA 9µ5 9,545 6732 5.033 7,745 0,271 7427 0,377 11235 7710 0% t YoY 21% 72% .229% 303% 414% 68% -9.0% 116% .20% 33% Global SIM Com

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Deciphering the Global Steel Markets Worldwide Steel Production (Supply) The global steel market is structurally oversupp

19% 7.0% AIWA 1105 1650 1%400 11.625 15.016 15.326 1540 WM 11701 MON 1% %A YoY 12% at% 03% 10% 4.6% .22% 4.7% .6.9% .5% .44% OCEANIA 1711 0,424 4014 1,10 7240 5105 5.501 5.40 5.711 5,11311 0% % ., Yov 49% .41% a" 35.5% .17.1% As 9% -17% .22% 4.6% 2.1% 131401

3 January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite Inequalities within the International Steel Markets The global steel industry is structurally oversupplied due to certain

121571 132.3301 117.256) cum 1131436I 132,8891 116,3121 130,6821 1201241 130.5431 133,7W 1292181 125.8221 129.054 121331 1262471 atm OCEANIA 16511 11.1211 17681 {6891 14971 (2166) 11 9391 129311 12 507 Global Steel Surplus /(NA ri 17101 7 5.482 23.443 14.9130 6,101 11091)

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite The European Union (EU) & Other Europe The EU manufactured 162.0mn mt of steel and consumed 172.1mn mt in 2016 resulting

eania YoY 9,435 9.545 1', 8782 -29'. 8,838 30% 7,745 -12% 8271 7,527 -9'. 8,397 Its 8225 7.710 0% Global Steel Supply/Demand 1000 OCEANIA 2007 18511 2008 (3121) 2009 (768) 2010 18891 2011 (4971 2012 (2,466( 2013 (1.9391 2014 12.9311 2015 (2.507) 2016 11.8741' Sone Do