3January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite The Middle East & Africa Similar to Oceania. the Middle East and Africa account for small percentages of global supply and demand. Both appear to import the majority of their steel needs from geographies with excess crude steel production, like China and CIS. Figure 33: The Middle East & Africa, Supply / Demand (000's of metric tonnes) Global Send Production (Supply) 2007 2000 2000 2010 2011 2012 2013 2011 2015 20101i Global Middle East 16,452 18647 17,766 20000 23,230 24.979 26,967 29,986 29,429 31.481 2% % .1 YoY 72% 1% 7% 13% 18% 8% 8% 11% 7% Alike 18.075 10,970 15,400 16825 15.098 15.330 15,909 14,895 13.701 13.099 1% % 1 YoY 9% -9% -9% 8% -6% -2% 4% -4% Global Steel COMIUMPliOn (Demand) 2007 2000 2000 2010 2011 2012 2013 2014 2015 2010 ti. Global Middle East 48,378 64205 50.098 52.871 56,119 55901 57.510 59204 58,483 57.728 4% ". i YoY 20% 12% -8% 6'. 8% -1% 3'. 3% -7% .1% Alnca 24.992 29.627 32666 30231 32,068 35,860 39,877 40707 42,032 40.885 3.1. % 1 YoY 3". 19". 10'. .7'. 6'. 12'. IP. 3`. Global Steel Supply/Demand WOO sl 2007 2008 2009 2010 2011 2012 2013 2014 2015 2010. MIDDLE EAST ( 31,926) 137,818) (32.3301 132,871) (320391 (30,6821 (30.5431 129.218) (29.054) (26.247){ AFRICA (6,3171 (12.067) (17.266) (13,6081 116.372) 120.524/ (23,7141 (25.8221 (28.3311 127.7801 Seurat Nasal* Bank likeittirg Mann. LP. tit* Mad Awl Asscoabon • The Middle East produced 31.5mn mt of steel versus apparent demand of 57.7mn mt resulting in a 2016 steel deficit of 26.2mn metric tonnes. • Africa manufactured 13.1mn mt of steel compared to apparent demand of 40.9mn mt resulting in a 27.7mn mt steel deficit in 2016. Key Takeaways Having now analyzed the steel trade on both a regional and country-specific basis, we have identified a few key themes to k