Core Viewpoint - The U.S. technology sector has dominated market attention, leading to an overconcentration of capital, while other industries, including Cleveland-Cliffs Inc., present undervalued investment opportunities [1][2]. Group 1: Investment Opportunity - Cleveland-Cliffs Inc. is positioned for potential growth, with a forecasted earnings per share (EPS) of 13 cents by Q1 2026, a significant increase from the current net loss of 68 cents [4]. - The stock currently trades at 73% of its 52-week high, indicating a potential for recovery and growth [3]. - The price-to-earnings-growth (PEG) ratio for Cleveland-Cliffs is at 0.5x, suggesting that the stock is undervalued and has room for growth to reflect future EPS increases [5][6]. Group 2: Institutional Support - State Street Corp. increased its holdings in Cleveland-Cliffs by 20.2%, totaling $208.6 million, which reflects confidence in the company's future earnings potential [7]. - The Wall Street consensus currently rates Cleveland-Cliffs as a Hold, with a target price of $10.9 per share, indicating a 4.5% upside [8][10]. - There is a significant short position in Cleveland-Cliffs, amounting to $853.9 million or 16.7% of the float, which could lead to a short squeeze if the stock rallies [11]. Group 3: Market Dynamics - The demand for raw materials, particularly steel, driven by the development of EPS growth centers and semiconductor manufacturing, positions Cleveland-Cliffs favorably [12]. - Current tariffs on steel imports may enhance the appeal of domestic steel, benefiting Cleveland-Cliffs in the context of rising domestic project demands [13].

新华财经上海8月25日电（李一帆）2025年"数据要素×"大赛上海分赛已于24日圆满收官，132个项目脱 颖而出。自4月开赛以来，大赛广泛辐射上海重要创新载体，通过线上线下结合方式累计举办60余场宣 贯会，覆盖企业、事业单位、科研院所等多元主体，同时开展"校园行"系列活动，全方位、全链条、全 领域激发数据应用潜能。 统计显示，累计有600余个项目报名参赛，涵盖工业制造、现代农业、交通运输、金融服务、科技创 新、文化旅游等13个行业赛道，1个"开放性创新赛道"，以及1个具备国际特色的"国际赛道"。经业务专 家、技术专家、投资专家等160余位专家评审，形成最终获奖名单。整体而言，本届"数据要素×"大赛上 海分赛呈现出产赛融合、特色引领、生态赋能三大亮点。 支撑"五个中心"建设 打造"产赛融合"新高地 近年来，数据作为一种新型生产要素，为培育新质生产力、塑造竞争新优势注入了强劲活力。根据国家 数据发展研究院的统计，截至2024年底，全国数据企业数量超过40万家，数据产业规模达5.86万亿元， 较"十三五"末增长117%，预计未来几年仍将保持较高的增长水平。 上海肩负着建设国际经济、金融、贸易、航运和科技创新中心（简 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Global Metals & Mining, specifically focusing on the steel export market from China Key Insights 1. **Steel Export Growth**: Chinese steel net exports reached 104 million tonnes in FY'24, a 25% increase from 83 million tonnes in FY'23, which was itself a 46% increase from 57 million tonnes in FY'22. The annualized figure for 1H'25 is projected at 110 million tonnes [1][2][3] 2. **Price Differentials Impact**: The increase in exports is primarily attributed to near-record price differentials between Chinese steel and global steel prices. Higher absolute price levels and profit spreads have allowed steel exports to travel farther, as transportation costs as a percentage of steel margins have decreased [1][2] 3. **Changing Export Destinations**: The share of steel exports to traditional markets like ASEAN and South Korea has declined. South Korea, which accounted for approximately 14% of China's steel exports over the last decade, saw its share shrink to 8% in FY'24 and is annualizing at 7% in 1H'25. ASEAN's share also decreased from 33% to 28-30% in recent years [3][4] 4. **Emerging Markets**: In contrast, exports to Brazil and Saudi Arabia have increased significantly. Saudi Arabia has become the fifth-largest destination for Chinese steel, constituting 4.6% of total exports [3] 5. **Future Projections**: As global price differentials are expected to shrink in 2H'25, a contraction in Chinese steel exports is anticipated, particularly to more distant markets [1] Additional Considerations - **Transportation Costs**: The percentage of transportation costs relative to steel prices has decreased since 2016, which has facilitated the trend of steel traveling farther. However, if steel prices normalize, the proportion of exports to ASEAN may increase again [4] - **Historical Context**: The current export levels are still below the peak levels seen in 2015, indicating that while there is growth, it is not at an all-time high [2] This summary encapsulates the critical insights from the conference call regarding the state of the steel export market from China, highlighting growth trends, changing dynamics in export destinations, and future expectations.

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.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Global Metals & Mining, specifically focusing on the steel export market from China Core Insights and Arguments - **Chinese Steel Exports Growth**: - Chinese steel net exports reached 104 million tonnes in FY'24, a 25% increase from 83 million tonnes in FY'23, which was itself a 46% increase from 57 million tonnes in FY'22. The annualized figure for 1H'25 is projected at 110 million tonnes [1][2] - **Price Differentials Impact**: - The increase in exports is primarily attributed to near-record price differentials between Chinese steel and global steel prices. Higher absolute price levels and profit spreads have allowed steel exports to travel farther, as transportation costs as a percentage of steel margins have decreased [1][2] - **Changing Export Destinations**: - The share of steel exports to traditional markets like ASEAN and South Korea has declined. South Korea, which accounted for approximately 14% of China's steel exports over the last decade, saw its share shrink to 8% in FY'24 and is annualizing at 7% in 1H'25. ASEAN's share dropped from 33% to 28-30% in recent years [3][4] - **Emerging Markets**: - Conversely, exports to Brazil and Saudi Arabia have increased significantly. Saudi Arabia has become the fifth-largest destination for Chinese steel, constituting 4.6% of total exports [3] - **Future Projections**: - As global price differentials are expected to shrink in 2H'25, a contraction in Chinese steel exports is anticipated, particularly to more distant markets [1] Additional Important Insights - **Transportation Costs**: - The percentage of transportation costs relative to steel prices has decreased since 2016, facilitating farther travel of steel exports. However, if steel prices normalize, the proportion of exports to ASEAN may increase again [4] - **Historical Context**: - The data indicates that while current exports are high, they are still below the peak levels seen in 2015, when net exports were significantly higher [2] This summary encapsulates the key points discussed in the conference call regarding the current state and future outlook of the Chinese steel export market, highlighting significant trends, shifts in export destinations, and the impact of pricing dynamics.

How significant a breakthrough is this and what does it set up as a next step in terms of discussions with the U.S. on trade. And this includes the USMCA. Yeah, I mean, that's like the big next step here is the there are USMCA talks, which there's a joint review that's due to be completed by next summer.And we'll get word that process will start pretty soon. So that's reviewing the entire free trade deal between Canada and the U.S. and Mexico. And, you know, in terms of how big of a breakthrough is this, th ...

Group 1 - POSCO has signed a non-binding Heads of Agreement with JSW Steel to explore the establishment of a 6 million tons per annum integrated steel plant in India, combining POSCO's advanced technology with JSW's market presence [1][8] - The agreement outlines a proposed 50:50 joint venture, with a detailed feasibility study to determine the plant's location, investment structure, and resource requirements, with Odisha being a preferred site [2][8] - The partnership aims to align with India's self-reliance vision and create a globally competitive manufacturing hub for both domestic and export markets [3][8] Group 2 - PKX stock has experienced a decline of 15.7% over the past year, compared to the industry's decline of 19.2% [5] - PKX currently holds a Zacks Rank of 2 (Buy), indicating a favorable outlook among analysts [6] - Other top-ranked stocks in the Basic Materials sector include Nutrien Ltd., Carpenter Technology Corporation, and CF Industries Holdings, with varying degrees of performance and earnings estimates [6][7][9][10]

Core Insights - Shifts in fundamental ranking scores can reveal deeper insights into a company's trajectory beyond daily stock price movements [1] Group 1: Company Performance - Tesla's Quality score dropped significantly by 16.14 points from 73.14 to 57.00, indicating potential issues in profitability and stability [3] - Taiwan Semiconductor Manufacturing Company saw a remarkable increase in its Growth score, rising by 58.05 points from 29.96 to 88.01, driven by expectations around AI and high-performance computing [5] - American Express's Quality score surpassed the 50th percentile, reflecting improved financial stability and operational efficiency [8] - AbbVie's Momentum score moved past the 50th percentile, suggesting increased investor interest following positive trial results for its drug Rinvoq [10][11] - Nucor's Quality score fell sharply by 30.99 points from 78.71 to 47.72, indicating potential financial health issues in the steel industry [12] Group 2: Market Dynamics - Tesla increased the price of its Cybertruck by $15,000 to $114,990 amid rising inventories and slowing sales [4] - U.S. officials are considering equity stakes in chipmakers like Taiwan Semiconductor, which could impact ownership and operations [6] - Nucor and other U.S. steelmakers successfully advocated for tariffs, with the Commerce Department imposing 50% duties on over 400 steel and aluminum products [13] Group 3: Investment Implications - The changes in fundamental scores for companies like Tesla and Taiwan Semiconductor highlight the volatility in mega-cap fundamentals, which may not be immediately reflected in stock prices [15] - The crossing of percentile thresholds by AbbVie and American Express signals important shifts in market leadership [15]

Friedrich Merz’s growth plan for Germany is taking too long, warns a top German steel boss https://t.co/i0MfNTAHUw ...

So we're getting some detail now on what the U.S. and EU agreed in terms of how they're going to trade with each other. Remember, the initial agreement came out a couple of weeks ago. Now we're getting details.So you're going to have that 15% U.S. tariff on goods coming in from Europe. But it going to be concessions on sectors. So European cars, for example, European semi conductors, European pharmaceuticals, they will be paying a reduced tariff on the otherwise would have.In terms of those sectoral tariffs ...