Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Metals & Mining** industry, specifically the **steel and cement production trends in China** [1][2][7]. Core Insights 1. **Cement Production Decline**: China's cement production is annualizing at the lowest levels since 2009, while steel production is approximately 65% higher than 2009 levels [1][2]. 2. **Net Exports Impact**: The increase in steel net exports is a significant factor in the production divergence. In 2009, steel net exports were 3 million tonnes, while in 2025, they are projected to be 112 million tonnes, which is equivalent to 12% of current steel production [3][4]. 3. **Data Quality Issues**: Historical data quality has affected steel production statistics, with hidden or unreported production being a significant issue from 2009 to 2019. The ratio of cement to steel production dropped from approximately 3x to 2.2x between 2005 and 2016, and further to 1.8x by 2018 [4][5]. 4. **Cement vs. Steel Demand**: Steel is considered a later-cycle material compared to cement, with demand driven more by consumer durables and advanced infrastructure rather than construction. This suggests that steel demand may remain more resilient than cement demand as economies develop [5][6]. Additional Important Points - **Production Ratios**: The cement to steel production ratio has been declining, indicating a shift in the production landscape in China [4]. - **Economic Implications**: The resilience of steel demand in the context of economic development in China suggests potential investment opportunities in the steel sector compared to cement [5][6]. This summary encapsulates the critical insights and data points discussed in the conference call regarding the current state and future outlook of the steel and cement production industry in China.

With the data, with the headlines. It's Mike McKay. Good morning, Mike. Good morning, John.Well, we've got a stronger than expected GDP number, 3% for the second quarter. Initial read, that's up from a half percent in the first quarter. 2.6% was what was forecast.Now, the interesting thing is, of course, is we've got to break that down by by category because we had the trade distortions in the first quarter. So let's look now at the GDP. Personal consumption number comes in a little weaker than anticipated. ...