Table of Contents
IS VERTICAL INTEGRATION ACTUALLY GOOD? ............................................................................. 3
Europe – investing in mining…now? ............................................................................................. 5
United States – integration key to positive EBITDA .................................................................... 10
Japan - vertical integration as risk-hedging against rising prices ................................................ 12
China - iron ore procurement ...................................................................................................... 13
STRONG PRODUCTION IN CHINA, BUT DEMAND REMAINS WEAK .............................................. 15
GLOBAL STEEL EQUITIES ............................................................................................................ 16
PRICING .................................................................................................................................... 19
Steel prices ................................................................................................................................. 19
Raw materials ............................................................................................................................. 21
Spread over raw materials .......................................................................................................... 22
INDUSTRY TRENDS .................................................................................................................... 23
Global ......................................................................................................................................... 23
United States .............................................................................................................................. 25
Europe ........................................................................................................................................ 27
Japan ........................................................................................................................................... 29
China ........................................................................................................................................... 31
CALENDAR OF UPCOMING EVENTS ............................................................................................ 33