A Strategic MarketOutlook for Regional US Ferrous Scrap to 2021

lWhich US scrap regions are growing and which are facing depleting reservoirs?

l How will ferrous scrap prices change over time?

lWhat are the intra-regional scrap trade flows within the US, and what will this mean to scrap suppliers?

Newand Exclusivefor 2014

Future concerns for the US scrap marketOver the past few months, the over capacity of shredders within the US has reduced the price premiumshredded scrap commands over HMS grades down from $30/tonne to around $15/tonne, at the time ofwriting. Meanwhile, the busheling price margin over shredded has returned to within its traditional range.

However, beyond these short-term considerations lies the fact that the US scrap industry is facing acrisis of profitability, quality requirements to best meet domestic steelmaker requirements and changesto the availability and price dynamics of alternative metallics. Over the next ten years, merger andacquisition activity will intensify as the internal landscape will also undergo significant changes in termsof trade flows, recovery and transaction prices.

What is the future outlook for the USferrous scrap industry?This new scrap report follows on from the highly successful US State-by-State Steel study (published in July 2013) that focused on steelconsumption in the US between 1994 and 2021.

AMM Research has conducted a fully independent research study on the US scrap industry by producttype out to 2021, which aims to bring never seen before market intelligence vital to the interests of bothscrap buyers and sellers.

This brand new study is the most detailed and comprehensive examination of the US ferrous scrapmarket providing detailed analysis and data broken down for 14 key US regions.

Each US region is evaluated on a standalone basis to best understand historic, current andforecast supply and demand dynamics (1996-2021).

A Strategic Market Outlook for RegionalUS Ferrous Scrap to 2021

Newand Exclusivefor 2014

lUnique analysis of how topredict and understandUS scrap prices –nationally and regionally

lHow regional crude steelproduction dynamics willaffect current and futurescrap prices

lHow intra-regional scraprecovery rates and tradeflows by product type willchange going forward

lHow serious the issue ofscrap quality will be onthe industry

lHow scrap will relate topig iron and DRI/HBI

The study details the following in termsof providing analysis, data and forecasts(out to 2021) for the following:

US scrap consumption (including EAF, oxygen furnace,iron foundry and blast furnace enrichment)

US scrap recovery• Revert

• Prompt

• Obsolete (including newly obsolete)

Scrap trade – Net inter-regional US trade by region

A detailed scrap reservoir model

A fully dynamic and “open-source” forecasting scrapmarket model to run your own “what if scenarios” tochanging parameters

A comprehensive historic and forecast ferrous scrapprices database which includes:

• No1 Bundles

• No1 Bushelings

• Auto Shredded

• No1 Heavy

In the following areas:

• Birmingham, Alabama

• Chicago, Illinois

• Charlotte, North Carolina

• Cleveland, Ohio

• Detroit, Michigan

• Houston, Texas

• Philadelphia, Pennsylvania

• St Louis, Missouri

Key analysis of all US regional ferrousscrap markets

A key feature of this report is its regional focus on theferrous scrap markets broken out by the following:

• Connecticut, Maine, Massachusetts, New Hampshire,New Jersey, New York, Rhode Island, Vermont

• Pennsylvania

• Illinois

• Indiana

• Iowa, Kansas, Minnesota, Missouri, Nebraska, South Dakota, Wisconsin

• Michigan

• Ohio

• Delaware, Maryland, Virginia, West Virginia

• Florida, Georgia, North Carolina, South Carolina

• Alabama, Kentucky, Mississippi, Tennessee

• Arkansas, Louisiana, Oklahoma

• Texas

• Arizona, Colorado, Idaho, Utah

• California, Oregon, Washington

For each US region, the report provides analysis anddata (1996-2021) for the following:

• Scrap consumption

• Scrap generation (split between revert (home), promptand obselete)

• Scrap recovery

• Scrap imports and exports

• Net interregional scrap trade

• Scrap reservoir – specifically designed to identifywhich areas have growing supply and which havenearly exhausted reservoirs

“Undeniably Metal Bulletin Research is an information provider throwing an objective light on often bifurcated information. Essential!” Krista Van Bergen, SteelFORCE Asia NV

To order please call the hotline 212 224 3577 or email subscribe@amm.com

Number of U.S. ScrapShredders by State

3

3

7

1

4

3

2

6

11

1

4

4

26

58

7

3

8 10

17

6

1213

7

139

1053

17

7

2

9

7

Scrap consumptionrates in the US by region

0 - 3,000

3,001 - 6,000

6,001 - 9,000

9,001 - 12,000

12,001 - 15,000

Number ofshredders

Key:

Key:

Please call the hotline 212 224 3577 or email subscribe@amm.comto request complimentary sample pages

Newand Exclusivefor 2014

B. Levich – Consultancy & Special ProjectsDirector of Metal Bulletin ResearchBrian covers the global steel and raw material sectors in detail. Hehas written numerous major reports on the global steel, rawmaterials, and finished product industries and has done extensiveconsultancy and market research work for a number of major steelproducers and consumers as well as for financial institutions.

A. Craig – Principal ConsultantAlexander is principal consultant with Metal Bulletin Researchfocusing on the global metals and mining industries. He hasworked for both McKinsey & Company and Accenture. Craigstudied economics at the University of Cambridge, where he tooka First Class degree. He subsequently undertook postgraduatestudy at MIT in econometrics and public finance.

R. Egge – Principal ConsultantWith over 18 years of experience as a strategic consultant for theglobal metals/mining industry, Mr Egge has worked at Arthur D.Little, Accenture and Deloitte. He has significant experience inhelping metals and mining clients identify, quantify, prioritize andcapture value creation opportunities. While at Arthur D Little heworked hand and hand with the C-suite of an integrated metalscompany in the United States to develop a business case for thedevelopment of raw material reserves. Russell has a degree inMaterials and Metallurgical Engineering from the University ofMichigan (Ann Arbor Michigan) and a Masters Science inInternational Management from Rensselaer Polytechnic Institute(Hartford Connecticut).

Biographers/authors of the US ferrous scrap study

About AMM ResearchAMM Research is the leading independent supplier of market intelligence and pricing to the North American metals industries andpublisher of the widely-used reference prices for scrap. American Metal Market (AMM), was founded in 1882, over its long history hasestablished itself as the unrivaled leader in metals news and pricing in North America. AMM and sister publication Metal Bulletin are part ofthe Euromoney Institutional Investor Plc.

AMM Research (known as Metal Bulletin Research outside the US) is the independent market research and consultancy arm. Utilizing ourteam of US consultants and economists based in Pittsburgh, Washington and Boston, AMM Research has conducted the most exhaustiveand informative study on the US scrap industry availably anywhere.

Yes I would like to order:

A Strategic Market Outlook for Regional US Ferrous Scrap to 2021

For more information please call 212 224 3577 or email subscribe@amm.com

FIVE EASY WAYS TO ORDERTel: 877 638 2856 (toll-free within US)

212 224 3577 (international callers)Fax: 412 765 3073E-mail: subscribe@amm.comOnline: www.metalbulletinstore.comMail: Metal Bulletin Research Special Reports, TDS, Pegasus Drive,

Stratton Business Park, Biggleswade, Bedfordshire SG18 8TQ, UKIf you have any questions you can also contact your regional officeCustomers in Europe please contact:Tel: +44 (0) 20 7779 8000Fax: +44 (0) 20 7779 8090Customers in Asia please contact:Tel: +61 3 5229 5445E-mail: marketing@metalbulletinresearch.com

Family Name

Mr/Miss/Mrs/Ms/Dr

First/Given Name

E-mail

Company Name

Job Title

Address

Zip/Post Code

Country

Tel +( )

Fax +( )

Use of your information The information you provide on this form will be used by Euromoney Institutional Investor PLC and its groupcompanies (“we” or “us”) to process your order and/or deliver relevant products/services and content. We may also monitor your use ofour website(s), including information you post and actions you take, to improve our services to you and track compliance with our termsof use. Except to the extent you indicate your objection below, we may also use your data (including data obtained from monitoring) (a)to keep you informed of our products and services; (b) occasionally to allow companies outside our group to contact you with details oftheir products/services; or (c) for our journalists to contact you for research purposes. As an international group, we may transfer yourdata on a global basis for the purposes indicated above, including to countries which may not provide the same level of protection topersonal data as within the European Union. By submitting your details, you will be indicating your consent to the use of your data asidentified above. Further information on our use of your personal data is set out in our privacy policy, which is available atwww.euromoneyplc.com or can be provided to you separately upon request. Marketing choices If you object to contact as identifiedabove by telephone q, fax q, or email q, or post q, please tick the relevant box. If you do not want us to share your information with ourjournalists q, or other companies q please tick the relevant box.

YOUR COMPANY TYPERaw Material Supply (0003)Metal/Steel Production/Processing (0027)Fabrication/Manufacturing(0055)Distribution (0095)Services/Products for theIndustry (0111)End-User Sector (0167)

Finance Companies (0271)Production (0275)Processing & Equipment (0279)Trading (0287)Transport – Ports (0291)Non-Ferrous Foundry (0303)Extruding (0311)Other Primary Metal Products(0315)

Ferrous Traders (0319)Non-Ferrous Traders (0323)Resource/Asset Recovery(0327)Library/Research (0321)Trade Association (0525)Legal/Regulations (0155)Government (0253)

YOUR METALS INTERESTBase Metals (11001)Aluminium (11002)Downstream Aluminium (11157)Precious Metals (11160)Minor Metal (11267)Light Metals (11360)Steel (12001)

Steel Tube & Pipe – Seamless(12042)Steel Tube & Pipe – Welded(12043)Stainless Steel (12159)Steel Wire (12230)Galvanising & Coated Coil(12226)

Ferro Alloys (13000)Scrap & Secondary Metals(14000)Steelmaking Raw Materials(12231)Iron Ore (12232)

DATA PROTECTION NOTICE

PROMO CODE

Study published January 2014

I wish to pay by the following method (please tick appropriate box):

CREDIT CARD – I wish to pay by credit card.Please call the Metal Bulletin Research hotline on 212 224 3577.For your own safety please do not fax or email credit card details.

INVOICE – Please invoice me for US$/£/€ ________________I understand my report will not be sent until the invoice hasbeen paid.

CHEQUE – I enclose a cheque for US$/£/€ _______________made payable to Metal Bulletin.

BANK TRANSFER – A bank transfer has beenmade payable to Metal Bulletin for US$/£/€ _______________

Please provide a copy of the transfer document with your order quoting code MBR0123

US$: A/C No. 11474448 Sort Code: 30-12-18SWIFT CODE: LOYDGB2LCTY IBAN number: GB80LOYD30121811474448

£: A/C No. 0900023 Sort Code 30-00-02SWIFT CODE: LOYDGB2LCTY IBAN number: GB86LOYD30000200900023

€: A/C No. 86221460 Sort Code: 30-12-18SWIFT CODE: LOYDGB2LCTY IBAN number: GB80LOYD30121886221460

Lloyds TSB Bank plc, City Office, PO Box 72, Bailey Drive, Gillingham Business Park,Gillingham, Kent, ME8 0LS, UK

Purchasers of this study will receive a special promotion on A StrategicOutlook for the Global Ferrous Scrap Industry out to 2021

FIVE EASY WAYS TO ORDER+44 (0) 20 7779 8000 +44 (0) 20 7779 8090marketing@metalbulletinresearch.com www.metalbulletinstore.comMetal Bulletin Research, Nestor House, Playhouse Yard, London, EC4V 5EX UK

Quote promo code 5931 when ordering

Newfor 2013

A Strategic Outlook tothe Global Ferrous ScrapIndustry out to 2021

Other relevant Metal Bulletin Research publications include:• A Strategic Outlook for the Global Ferrous Scrap Industry out to 2021• Steel Scrap & Metallics Forecaster• A New Age for Steel Metallics: for Obsolete Scrap, Prompt Industrial Scrap, Home (Revert) Scrap, Pig Iron,DRI/HBI and Iron Ore• Steel Raw Materials: Weekly Market Tracker• Steel: Weekly Market Tracker• Shareholder Value in the US Steel Industry A Critical Framework to Drive Future Company Performance• Coking Coal: A Strategic Market Outlook to 2020• A Strategic Market Review and Outlook for the Middle East and North African Steel Industry to 2020• Mining five years of iron ore data• Global Steel Cost Service• Steelmaking Capacity and Capex Study

ROW $4,995 UK £2,960 Europe €3,555Please select:

30 minute Q&A session with the author of the study: Purchase this study and you will receive a complimentary 30 minute telephonemeeting with the Metal Bulletin Research author of this study at a suitable time and date for both parties. This Q&A session will present youwith a unique opportunity to hold an informative discussion on any aspects raised in this study.PLUS