EFTA Document EFTA01385450

3January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite Investment Rationale Absent a significant influx of imported steel, U.S. market demand is shaping up nicely as we enter 2018; however, we are wary of inflationary input costs.. . We believe several U.S. steel companies have guided to a weaker 04-2017 YoY due to input costs that have risen faster than steel selling prices. Hence Q4.2017 results are likely to be marred by input cost inflation and margin compression