3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite North America (NA) NA produced 111 mn mt of steel in 2016 versus apparent demand of 152mn mt. ▪ The U.S. manufactured 78.5mn mt of steel against apparent demand of 102.6mn mt resulting in a steel deficit of 24.0mn metric tonnes in 2016. • NA (ex-U.S.) produced 32.1mn mt of steel versus apparent demand of 49.5mn mt resulting in a steel deficit of 17.3mn mt during 2016. Figure 26: North American Supply : Di:stand (000's of metric tonnes) ttlr iarlia llWVISIY) 2007 2006 2006 2010 2011 2012 2013 2014 2015 2016 % Global ete* 98.101 91.8% 59,394 90.4% 86.399 88.695 156.978 88.174 717846 78.405 5% 44.1 VOY cow Welt Anoka 0% 34,617 .41., .35% 3844 33243 24,386 31,061 7.:,, 32.217 3% 32,691 .2-,. 32103 et, 32.919 37.093 32.149 2% %.1 YoY 3% 4% -27% 27% 4% 2% .2% 3% O", Meth ARAMs 132,616 125,136 03,772 trues 112675 121,506 116276 121403 110,934 110124 7% 56,1 YeY 1% 4% -32% A% 0% 2% -2% 2% -9% 0% 002.2521162VMM0070 Una nifff'ENTIFf-M144246155N52112010 -3711 - 012 20U 2014 ' 201 GERM United States 120,361 110,500 68.400 32400 101,000 101.303 106,300 121,600 106.303 102.570 6% %A Y01, • 10% 4% .37% AR% 9% 7% 74% -II% -5% Other North America 45,526 44.033 29400 32403 41,452 46.165 43203 47.974 47,076 48.456 3% % .. Yu Y .4% 4% 42% 31% 7% 9% .4% /1% .2^4 5% North America 157.207 154,500 39200 131,303 142,452 153465 148,603 teens 165476 162.026 3% %.1 YoY -9% -a% 49% 32% 9% 9% 4% 73% .9% -2% Obbal $1.41 Supply/0nel MAO 2007 2000 2006 2010 2011 2012 2013 2014 201$ 2016 United Statet 122.200) 00.665/ (10.016) (11,9061 114.602) (19.606) (19,4221 (33.4261 (29,4661 124.0961 Other North America iect U.S.) 112,306) I10231) (6,412I 94341 51,175) I12474)) I 11,103I P 5,0562 c144 03j 07,3072 NORTH AMERICA (34,50161 (