PresentationDavid FalluChief Financial Officer All right. Good morning, everyone, and welcome to Glenbrook. It's the heart of steelmaking and coated Steel in New Zealand. On behalf of the team, my name is David Fallu, I'm the Group CFO. I just want to welcome you to site. And for those joining on the webcast, really appreciate your interest. So we'll be holding a session split across 2 pieces today: one, covering New Zealand property and sustainability. And then after a break, we'll have an opportunity to w ...

Core Viewpoint - Commercial Metals (CMC) shows a significant improvement in earnings outlook, making it an attractive investment option as analysts continue to raise earnings estimates for the company [1][2]. Earnings Estimates - Analysts' optimism regarding the earnings prospects of Commercial Metals is leading to higher estimates, which is expected to positively impact the stock price [2]. - The current quarter's earnings estimate is $1.41 per share, reflecting an increase of +80.8% year-over-year, with a 5.41% rise in the Zacks Consensus Estimate over the last 30 days [6]. - For the full year, the expected earnings are $5.87 per share, indicating a year-over-year change of +87.5%, with two estimates moving up recently and no negative revisions [7]. Zacks Rank - The favorable estimate revisions have resulted in Commercial Metals achieving a Zacks Rank 1 (Strong Buy), which is associated with significant outperformance compared to the S&P 500 [8]. - The Zacks Rank system has a strong track record, with Zacks 1 Ranked stocks averaging an annual return of +25% since 2008 [3]. Stock Performance - Commercial Metals shares have increased by 6.6% over the past four weeks, indicating investor confidence in the company's earnings growth prospects [9].

BlueScope Overview - BlueScope aims for an annual EBIT uplift of approximately $500 million by 2030 through growth initiatives and investments[16] - BlueScope has returned over $3.8 billion in dividends and buy-backs since FY2017[16] - BlueScope is positioning its 1,250ha property portfolio for strategic value realization[22] - BlueScope expects $179 million net proceeds after taxes and fees from sale of 50% stake in Tata BlueScope Steel (TBSL)[20] New Zealand and Pacific Islands (NZPI) Segment - The EAF project is expected to reduce NZ Steel's Scope 1 and 2 greenhouse gas emissions by up to one million tonnes, or approximately 55%[38] - The EAF project would have indicatively improved FY2025 EBIT by approximately $80 million if operational[39] - Construction segment accounts for approximately 70% of NZPI's end-use segments[49] - COLORSTEEL sales volume has grown at a CAGR of 5% indexed at FY2016[63] Climate and Sustainability - BlueScope has a 12% intensity reduction target for steelmaking GHG emissions since FY2018[179] - BlueScope has a 30% intensity reduction target for non-steelmaking GHG emissions since FY2018[179] - BlueScope estimates projects are estimated to take steelmaking emissions intensity below 1.3 tCO2-e per tonne by 2030[184] - BlueScope has completed 192 team-based HSE risk control improvement projects in FY2025[147]

Core Viewpoint - The recent proclamation by U.S. President Donald Trump provides a two-year reprieve for coke oven facilities from stringent EPA rules, which is expected to stimulate growth in the U.S. steel supply chain and improve earnings for steel producers and coke-exposed miners [1][2]. Industry Impact - The easing of compliance pressure on metallurgical coke producers and related iron ore assets is anticipated to act as a significant growth catalyst for the U.S. steel supply chain [2]. - The proclamation is likely to reduce regulatory-driven shutdown risks for U.S. integrated steelmakers and metallurgical coke producers, providing a clearer investment landscape for ETFs focused on these sectors [3]. Trade and Tariff Context - The U.S. remains heavily reliant on steel imports, with nearly 25% of its steel supply coming from abroad, primarily from Mexico, Canada, and key allies in Asia and Europe [4]. - A 25% tariff on steel imports was previously imposed to bolster domestic production, but this has led to trade conflicts, particularly with China, resulting in a significant reduction in Chinese steel exports to the U.S. [5]. - Recent data indicates a 16.8% month-over-month decline in U.S. steel imports as of August 2025, attributed to the doubling of the Section 232 tariff from 25% to 50% [6]. Domestic Production and Costs - Trade tensions and tariffs have increased input costs for U.S. manufacturers, with domestic steel prices nearly double the global benchmark, putting pressure on downstream margins [7]. - The latest proclamation suggests that the U.S. administration is prioritizing industrial output stability, treating coke ovens and related facilities as national security infrastructure [8]. ETF Opportunities - The current environment is expected to enhance pricing power and volume predictability for companies in the steel and metallurgical coal sectors, benefiting ETFs that include U.S. steel producers and coke-linked mining companies [10]. - Notable ETFs include: - **State Street SPDR S&P Metals & Mining ETF (XME)**: AUM of $2.56 billion, up 38.6% year to date, with top holdings including Nucor Corp and Steel Dynamics [11][12][13]. - **VanEck Steel ETF (SLX)**: Net assets of $125.6 million, up 38.4% year to date, with major holdings in iron ore suppliers [14]. - **iShares U.S. Basic Materials ETF (IYM)**: Net assets of $125.6 million, up 15.8% year to date, featuring significant investments in Nucor and Steel Dynamics [15].

Core Insights - The "2025 World Mayors Dialogue: Nanjing" focused on urban development through water management and resulted in the release of the "Nanjing Consensus on Major River Cities Development" [1][5] Group 1: Event Overview - The event took place from November 19 to 21, 2025, hosted by the Nanjing Municipal People's Government, with participation from mayors and representatives from various countries [1] - Nanjing showcased its urban development achievements through on-site visits, highlighting its "micro-renovation" model and ecological conservation efforts along the Yangtze River [3] Group 2: Key Discussions - Discussions included urban governance, development trends, and global challenges, with notable contributions from international representatives emphasizing cooperation under the Belt and Road initiative [4] - The thematic dialogue led by Nanjing Vice Mayor Sun Baijun culminated in the release of the "Nanjing Consensus," which promotes the localization of the UN 2030 Sustainable Development Goals and advocates for green development models [5] Group 3: Future Implications - The conclusion of the dialogue marks a continued global pursuit of sustainable urban development, with Nanjing committing to contribute to collaborative city development worldwide [6]

Summary of J.P. Morgan India Equity Strategy Conference Call Industry Overview - **Industry**: Indian Equities - **Current Situation**: Indian equities have faced significant pressure due to weak earnings growth, lower beta, and limited AI exposure. However, supportive fiscal and monetary policies, recovering domestic demand, and sectoral growth are expected to lead to a rebound in corporate earnings. [1][4][25] Core Insights and Arguments - **Earnings Growth Forecast**: J.P. Morgan forecasts MSCI India earnings to grow by 13% in CY26 and 14% in CY27, which is lower than the consensus estimates of 16% and 14.3% respectively. [1][4][27] - **Valuation Context**: Despite premium valuations, the gap with emerging markets (EM) has compressed to below historical averages, indicating potential for a re-rating of Indian equities. [1][5][42] - **Market Dynamics**: The India Quant Macro Indicator (QMI) suggests a potential market catch-up as India transitions from 'Early' to 'Mid' cycle, with cyclical dynamics favoring renewed momentum strategies. [1][9] - **Nifty 50 Target**: The base case target for Nifty 50 is raised to 30,000 by the end of 2026. [1][12] Key Drivers for Growth 1. **Policy Easing**: Both fiscal and monetary policies have shifted to support domestic demand, with expectations of further rate cuts. [4][48] 2. **Regulatory Reforms**: Ongoing reforms are aimed at simplifying compliance, attracting foreign investment, and enhancing economic resilience. [4][55] 3. **Improving India-US Relations**: Enhanced trade relations could lead to tariff resolutions, positively impacting market sentiment. [4][48] 4. **Consumption Recovery**: Factors such as premiumization, rural recovery, and social welfare initiatives are driving consumption growth. [4][48] 5. **Capex Expansion**: Capital expenditure is expanding into strategic sectors like energy transition and semiconductors, supported by targeted policies. [4][48] Sector Allocation Insights - **Overweight Sectors**: Materials, Financials, Consumer Discretionary, Consumer Staples, Hospitals, Real Estate, Defense, and Power. [1][9] - **Underweight Sectors**: IT and Pharma. [1][9] Important but Overlooked Content - **Earnings Cycle**: The earnings cycle is turning positive, with a better-than-expected quarter showing high single-digit earnings growth despite global headwinds. [25][26] - **Domestic Institutional Investors (DIIs)**: DIIs have been a key support for equities, investing significantly through systematic investment plans (SIPs). [18][23] - **Key Events to Watch**: Upcoming events include the India-US BTA progress, festive season demand, and key elections, which could influence market dynamics. [9][4] Conclusion - The Indian equity market is poised for a rebound driven by supportive policies, improving macroeconomic conditions, and sectoral growth. The focus on domestic consumption and strategic investments in key sectors presents a favorable outlook for investors. [1][4][27]

Core Points - Commercial Metals Company (CMC) has successfully closed an offering of $1,000 million in 5.75% Senior Notes due 2033 and $1,000 million in 6.00% Senior Notes due 2035, totaling $2,000 million [1][2] - The proceeds from the offering will be used to fund the acquisition of Foley Products Company, along with transaction-related fees and general corporate purposes [3] - The Notes are senior unsecured obligations and will rank equally with CMC's existing and future senior unsecured indebtedness [2] Financial Details - The 2033 Notes will mature on November 15, 2033, while the 2035 Notes will mature on December 15, 2035 [2] - Gross proceeds from the issuance of the Notes were placed into an escrow account pending the completion of the Foley Acquisition [4] - If the Foley Acquisition is not completed by October 15, 2026, CMC will be required to redeem all of the Notes at 100% of the initial issue price plus accrued interest [4] Offering Details - The Notes were offered only to qualified institutional buyers and certain non-U.S. persons, in compliance with Rule 144A and Regulation S under the Securities Act [5] - The Notes have not been registered under the Securities Act and cannot be offered or sold in the U.S. without registration or an exemption [5]

Cash-strapped startup Stegra AB has been awarded 390 million kronor ($40.9 million) in public grant money provided the green steel venture can secure enough funds by next spring to complete the project https://t.co/HCsoHBbSE5 ...

Trade Policy - Canada will tighten rules on steel imports [1] - Canada will offer more financial help for lumber producers [1] Industry Impact - Aims to stem losses in steel and lumber industries [1] - Industries are targeted by US tariffs [1]

Market Performance - The benchmark Sensex rebounded by 1,022.50 points or 1.21% to settle at 85,609.51, while Nifty increased by 320.50 points or 1.24% to end at 26,205.30, just 10 points shy of its all-time high [3][4] - In intra-day trade, Nifty surged 330.35 points or 1.27% to reach 26,215.15 [4] Investor Sentiment - Growing expectations of a US Federal Reserve rate cut in December, supported by recent US economic data indicating softening demand and cooling inflation, bolstered investor sentiment [7][10] - Increasing optimism regarding a potential truce between Russia and Ukraine also enhanced risk appetite among investors [9][10] Sector Performance - Market participation was broad-based, with metals, energy, and IT sectors leading the gains, while mid-cap and small-cap indices advanced over 1% [5][6] - Major gainers among Sensex firms included Bajaj Finserv, Bajaj Finance, Tata Steel, Reliance Industries, Sun Pharma, Tata Motors Passenger Vehicles, Axis Bank, and Infosys, while Bharti Airtel and Asian Paints were laggards [4][6] Foreign and Domestic Investment - Foreign Institutional Investors purchased equities worth ₹785.32 crore, while Domestic Institutional Investors bought stocks worth ₹3,912.47 crore [8] - The overall market sentiment improved globally, driven by expectations of a US Federal Reserve rate cut and a weaker dollar [8]