EFTA Document EFTA01385449

3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite 2018 U.S. Steel Market Outlook Executive Summary 2017 has been a far superior year for U.S. steel manufacturers than the past few years. A pickup in global demand trends, particularly around Europe and developing nations, coupled with underlying industrial strength in the U.S., has led to stronger U.S. steel prices YoY. We believe the vast majority of the U.S. market's relative stability in 2017 is attributable