Table of Contents
Investment Thesis ....................................................................3
Key Investment Points .............................................................3
Industry Update ........................................................................4
ArcelorMittal ...........................................................................11
Salzgitter .................................................................................15
SSAB .......................................................................................19
ThyssenKrupp ........................................................................22
Voestalpine .............................................................................26
Kloeckner ................................................................................29
Valuation Methodology and Risks ........................................32