EFTA Document EFTA01385462

3 January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite Inequalities within the International Steel Markets The global steel industry is structurally oversupplied due to certain geographies that produce far more of the man-made material than demand in those regions warrants. While we acknowledge some regions are supported by production in nearby geographies, we believe this analysis provides some useful insight into the global supply glut and the relevant geographies