【出版时间及名称】：2009年11月欧洲钢铁行业研究报告
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：29
        【目录或简介】：


Steel price “air pocket” weighing on investor sentiment. Sentiment has
grown more cautious as steel spot prices have undergone a ~10%
correction due to capacity restarts outpacing the demand recovery. In
addition, weak Chinese steel prices have forced European mills to
discount in order to prevent an attractive price arbitrage. A base level of
demand has been reached but steel customers remain focused on
maintaining lean inventories heading into year end given limited visibility,
thus accentuating price pressure.
• KCO: 2H 09 looks weak but accretive acquisitions still on horizon.
Given the correction in European and US spot steel prices as well as
relatively depressed shipment volumes, we are reducing our 2H 2009
EBITDA forecast for KCO to