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 oversupplied due to certain steelmaking geographies that manufacture more of the man-made material than demand in those regions warrants. Global crude steel production eclipsed 1.628bn metric tonnes (mt) in 2016. Figure 18 displays steel production by global region. Fig!,NO 18: G€obel Guide Steel Nixitiction (Supply} by Region (000's of metric tonnes) RetininC•Kw Mt = metric tonnes Mtpa = metric tonnes per senora 4333bel 1141 Pentmern 400031 257 ION 2000 2010 2011 512 IVO 2014 7011 2011 %OMNI rain. 4315712 512229 moo irriema 701,101 711.040 922.070 *22.300 407.925 894.346 50% %: Vol 793% 4.6% LW, 707% 99% 41% 1.44% 00% -7.2% 06% Jarmo 1395290 11570 47.534 701,999 107901 107.232 110.59$ 170968 105.134 104.77$ 6% %, YoY 24% .52% .742% 202% .700 27% AM .50% .03% India 51,40 57.711 63.527 ant 73.471 77.264 41269 0,02 45,477 0% 1(020 I" , .1 YoY 477. 45% FE% te.41,. 85% 52% 5." 745 7.2% 13014 Kona 51.517 52.6E 44572 56,914 NM* 0.073 WM 71,54) 0.470 64.576 4% %: 15,Y 04: 4.7% .74% 212% 10" 92% 74" dr: 4 0% .7.4% Olnin Asia 45445 45506 3510 42,216 430/7 42.192 4303 47,416 45216 47,510 3% '4.1 YoY 2119: .42% • 15 5% A, 1% 4.0% 1E, 7e% 45: .467'7 57% ASIA 754.2es 784,090 411.86,6 90450 90456 5026501 1,122,641 1,139,223 1,11201 69% 46 A VoY HUN 3.4% 15% 13.1% IA% 27% 04% 7.4% .24% 1.1% 5111014MI UNION 214242 110.705 114,05 172411 177,700 144567 1057 10100 15116 11054 10% %.1 MY 240% -5.5% -ten 24.0% 2.11% 4.2% 43% 1.2% -1.9% -23% United Sees 9(101 93.89% 5(754 40495 0021 MOS 94.478 45174 78.443 79473 3% %', VDT -0 75, 63% .354% 36.51, 73% 27% .1.9-, I51, 406% .05% Other North Awrica 34