Epstein Secrets

of scrap metal and, alternatively, a weaker U.S. dollar where U.S. scrap exports become more attractive to leading scrap importers such as Turkey. South America (SA) SA steel production was 40.2mn mt versus apparent demand of 40.6mn mt in 2016 resulting in a deficit of -400K mtpa. Brazil is the largest prod

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite CIS: Commonwealth of Independent States Another Substantial Driver of the Global Supply Imbalance CIS encompasses Russia

OPE 32.103 aµ1 24,530 20527 34,954 36,121 39,143 39.276 42,450 43130 3 % i Vol 72% .03% -145% 34.1% 10.1% 41% 84% 03% at% tr.. SOUTH AMERICA 43,303 45.644 31445 47,749 50.564 5170 54.514 51415 47423 40.617 2% % 'YoY 142% 77% .240% 347% 5.9% 22% 59% -41% .74% -144% MI

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

ROPE 30533 31521 29014 33,651 3900 39,918 34627 25,374 35,777 37,651 2% %.7 YoY '*5% 34% 12% 15.9% ft /1. 27% 2" .07% .65 5.2% SOUTH AMERICA 4835 47,400 Tan 41,151 48,1111 44379 41:1,02 4(043 43.100 40319 2% %A YoY 14% 44% .215% 02% 47% .27% 12% .23% 414% /ADDLE EAST

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

nufacture adequate 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 ye

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

Securities Korea Co. South Africa: Deutsche Bank AG Johannesburg is incorporated in the Federal Republic of Germany (Branch Register Number in South Africa: 1998/003298/10). Singapore: This report is issued by Deutsche Bank AG, Singapore Branch or Deutsche Securities Asia Limited, Singapore Branch (On

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite German Banking Law and is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial S