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CO CNN 8818 ° u. 3 or 0 E ac rt Z SUS HRC Vat —US CRC S/st _.......—US HDG S/st Sours Pawl
3January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite Investment Rationale Absent a significant influx of imported steel, U.S. market demand is shaping up nicely as we enter 2
in China being driven by strong investment in China's infrastructure and property markets. Evident in Figure 35, Chinese domestic hot-rolled coil (HRC) is -20% higher YoY, a constructive sign for the global steel industry considering China represents 50% of global production despite its domestic m
3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite 2018 U.S. Steel Market Outlook Executive Summary 2017 has been a far superior year for U.S. steel manufacturers than the
st domestic demand in China driven by strong investment in China's infrastructure and property markets. Currently Chinese domestic hot-rolled coil (HRC) is -20% higher YoY, a constructive sign for the global steel industry considering China represents 50% of worldwide production despite its domesti
3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Steel Industry Outlook Sean-M Wondrack, ( Executive Summary 2017 has been a far superior year for U.S. steel manufacture
CANADA oBRAZIL • KOREA • MEOCO WRMKEY • RUSSIA a JAPAN SCarre DaRiCAt &Mt VS OsplenThYr of Convnew Figure 30: Spread between U.S. and Chinese HRC prices 5350 - 5300 5250 5200 $150 $100 5119 550 50 IA IA LA Let tn m ID b Co QD 0 N N N N N N aei .6 4zdt e.4“,... e“ .4
January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Efforts Employed to Avoid Tariffs: Transshipments & Mislabeled Goods An unfortunate consequence of globalization, the Nort
Entities connected to both Hillary Clinton and HY Multi Sector

Donald Trump
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George W. Bush
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Prince Andrew
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Michael Jackson
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Xi Jinping
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