Summary 2
Investment Conclusion 3
Volume should recover 10
Why Utilisation Matters 16
Pricing: some upside, but not
as much as volume 22
A global price but still a
regional industry – the HSBC
Global Steel Model 26
Valuation & trading trends 36
ArcelorMittal 48
ThyssenKrupp 58
Voestalpine 70
Salzgitter 79
Disclosure appendix 87
Disclaimer 91