HSBC Global Research - China Steel Sector
Language: English
Date: 16 Feb 2012
Page: 80

Investment summary 3
Leveraged to macro policy 3
Weak near-term outlook 4
Margins to remain thin in 2012 5
Earnings revisions 6
Valuation summary 6
Historical trends 7
Steel industry outlook 13
Awaiting structural changes 13
Upstream squeezing margins 16
Company summaries 19
Angang (347) 20
Baosteel (600019) 24
Maanshan (323) 29
Appendix 33
Disclosure appendix 75
Disclaimer 79

20120216 China Steel Sector.pdf
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