瑞银-欧洲-钢材行业-钢材市场回调之后的机会-2018.2.15-32页

www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE27.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch15February2018UBSGlobalSteelMeltdown#5Opportunitiesinthesteelpostsectorpull-backChinapostNewYeartosetthetone–sofarstrongdemandstillprevailsWecontinuetostaypositiveontheglobalsteelsectordespitetherecentmarketpullback.Themarketcorrectionopensupopportunitiesasmacroindicatorshavenotchanged,yet.Uptosummerweseelittlerisktoourpositivecase.However,whileweareconfidentthatChinassteeldemandwillgrowby0.5%y/y,theinc