CMC 4th Quarter 2007
Bank of America
BASics/IndustrialsConference
May 7, 2008
Summary – Outlook 2008
§Global Infrastructure Activities Strong
§Global Economies, in Particular Emerging,
are Very Good
are Very Good
§China Has Increased Export Taxes on Most
Steel Products
Steel Products
§China Net Steel Exports Likely to be Reduced by
30% in 2008 (Impact 12-15 Million MT)
30% in 2008 (Impact 12-15 Million MT)
§Iron Ore Contract Prices Increase 65% from
April 1, 2008
April 1, 2008
§Higher Iron Ore Prices Cause Ferrous Scrap
Prices to Rise and Result in Higher Steel Prices
Prices to Rise and Result in Higher Steel Prices
§Global Steel Prices Have Risen Sharply in Recent Weeks;
Likely to Stabilize at Higher Levels.
Positives – Global