Key Takeaways MT posted Q2 adjusted EPS of $1.32, missing estimates, as sales dipped 2% to $15.93 billion.Steel shipments fell 0.7% year over year to 13.8M metric tons, below the expected 14.1M.Despite soft U.S. demand, MT sees support from Europe, Brazil and India in second-half 2025.ArcelorMittal S.A. (MT) recorded a second-quarter 2025 net income of $1,793 million or $2.35 per share compared with $504 million or 63 cents per share in the year-ago quarter. Barring one-time items, the company recorded adju ...

Company Overview - Metallus Inc reported net sales of $1.1 billion in 2024[9] - The company has an annual melt capacity of approximately 1.2 million tons and a ship capacity of approximately 0.9 million tons[9] - In 2024, Automotive accounted for 45% of the company's shipment mix and 42% of net sales, while Industrial accounted for 40% of the shipment mix and 36% of net sales[18] Financial Performance and Outlook - In Q2 2025, Metallus had net sales of $304.6 million, a 9% increase compared to Q1 2025[23] - The company's adjusted EBITDA for Q2 2025 was $26.5 million[23] - Metallus expects capital expenditures of approximately $125 million in 2025, including approximately $90 million funded by the U S government[23] Strategic Initiatives and Targets - Metallus aims to grow A&D product sales to over $250 million in 2026, more than doubling the 2023 sales level[68] - The company is targeting a through-cycle long-term adjusted EBITDA margin of greater than 12%[69] - Metallus has a long-term target net leverage ratio of less than 1 0x[69]

Market Overview - The A-share market experienced overall fluctuations today, with the Shanghai Composite Index down 0.12% at 3635.13 points, and the Shenzhen Component Index down 0.26% [1] - The total trading volume in the Shanghai and Shenzhen markets was 17102.27 billion yuan, a decrease of 1162 billion yuan compared to the previous day [1] - The market sentiment is currently neutral to weak, with over 2800 stocks declining [1] Sector Performance - The "anti-involution" and "Yajiang" themes showed strong performance today, with sectors such as non-ferrous metals, building materials, infrastructure, steel, and photovoltaics leading the gains [1] - Conversely, the technology sector faced collective weakness, with software, computing, and chip industries leading the declines [1][6] Steel Industry Insights - Steel companies have shown a continuous recovery in profitability in the first half of the year, despite weak downstream demand leading to a decline in major steel prices [4] - The profitability rate of steel mills has stabilized around 60% since bottoming out in September last year [4] - The demand for steel is expected to be supported by a recovery in the real estate sector, with new construction and completion areas showing signs of improvement [7] Policy and Future Outlook - The "14th Five-Year Plan" is nearing its conclusion, while the "15th Five-Year Plan" is set to begin, with a focus on innovation-driven development and the cultivation of globally competitive emerging industries [8] - The artificial intelligence sector is expected to see significant growth, particularly in hardware and software applications, with a recommendation to focus on chip-related ETFs [8][9] Investment Opportunities - The steel ETF (515210) has shown a 1.14% increase today and a 2.74% increase over the past five days, indicating strong market interest [2] - The semiconductor sector remains in a high prosperity phase, with significant growth in sales and revenue for related companies, suggesting continued investment opportunities in chip ETFs (512760) and semiconductor equipment ETFs (159516) [8][9]

Core Viewpoint - Tree Island Steel reported a significant decline in revenues and profits for the first half of 2025, primarily due to reduced sales volumes in the U.S. following the implementation of tariffs on wire products and a strategic withdrawal from unprofitable products [2][3][4]. Financial Performance - For the three months ended June 30, 2025, revenues decreased by $11.7 million to $42.3 million from $54.0 million in 2024, with gross profit dropping to $3.9 million from $4.6 million [2][5]. - For the six months ended June 30, 2025, revenues fell by $18.0 million to $92.5 million from $110.5 million in 2024, with gross profit declining to $7.8 million from $9.4 million [3][5]. - Adjusted EBITDA for the three months ended June 30, 2025, was $2.2 million, down from $2.9 million year-over-year, while for the six months, it decreased to $4.3 million from $6.0 million [2][6]. Operational Insights - The company is facing challenges due to rapidly changing tariff environments in the U.S. and Canada, which are impacting both customer behavior and supply chain decisions [4]. - The company is focused on improving profitability by adjusting sales and sourcing strategies, controlling costs, and adapting production and staffing levels [4]. Company Overview - Tree Island Steel, headquartered in Richmond, British Columbia, has been operational since 1964 and produces a variety of wire products for industrial, residential, commercial, and agricultural applications [7].

[Music] [Applause] [Music] Hi, I'm Asham Bansil. I am 27. Well, 28 turned just 2 weeks ago.My first step, my real first step came long back. Back in school, I started at the Dun School when most of our batchmates were deciding what they wanted to be. Musicians, corporate lawyers, bankers, doctors.I had made up my mind. I wanted to be an industrialist. I was a backbencher.So I really never knew what that meant at that point. But I loved dreaming more than taking notes and was very clear I wanted to build som ...

Saudi Arabia’s Al Ittefaq Steel Products Co. has sought proposals from restructuring advisers, according to people familiar with the matter, ahead of expected talks with debtholders including major creditor Davidson Kempner Capital Management LP https://t.co/0qUrR7YCUs ...

今天分享的是：2025年Q2中国经济与金融市场手册：结构性失衡与增长担忧（英文版） 报告共计：137页 该文档是摩根大通2025年第二季度关于中国经济与金融市场的分析手册，核心围绕结构性失衡与增长担忧展开，重点探讨了三大主题及宏观经济状况 等内容。 第一个主题是"关税战2.0"，这是2025年中国面临的最大外部风险。美国对华关税大幅提升且范围扩大，峰值时累计增幅达145%，涉及钢铁、铝、汽车 等多个行业。尽管日内瓦会谈后关税有所回落，但仍是重要风险，且中美贸易谈判存在复杂性和高难度，美国与其他贸易伙伴的谈判及中国与其他国 家的贸易关系也面临挑战。 第二个主题是2024年9月以来的政策转变，采取"三箭齐发"策略，以结构性再平衡为首要，辅以财政刺激和货币宽松。政策在周期性与结构性目标间摇 摆，财政政策适度扩张，消费支持力度加大但规模仍有限，房地产政策以需求端宽松为主，去库存进展缓慢。 J.P.Morgan Economic Research July 2025 Handbook of the Chinese Economy and Financial Markets 2Q25: Structural Imbala ...

Summary of Key Points from the Conference Call Industry and Company Involved - **Industry**: Sustainability and Decarbonisation in China - **Company**: Morgan Stanley Asia Limited Core Insights and Arguments 1. **Anti-Involution Campaign**: China's "anti-involution" campaign is a significant focus for investors, aiming to address price wars and overcapacity in key sectors crucial to decarbonisation goals [2][7][9] 2. **Decarbonisation Impact**: The anti-involution drive is expected to influence decarbonisation progress both within China and globally, particularly in "hard-to-abate" sectors such as cement, steel, and aluminium [2][10] 3. **Investor Interest**: There is a renewed investor interest in sustainability fund flows and energy transition themes in China, with an uptick in inflows into sustainability funds observed in Q1 2025 [3][9] 4. **Policy Signals**: Recent policy signals from China indicate a focus on tackling overcapacity, with discussions on various sectors including solar, materials, and new energy vehicles (NEVs) [8][10] 5. **Global Decarbonisation**: China's clean energy exports, including solar panels and electric vehicles, are projected to significantly reduce global CO2 emissions, with an estimated reduction of 220 million tonnes in 2024 alone [12] 6. **Competition Dynamics**: The current intense competition in China's cleantech sectors has kept decarbonisation costs low for other countries; however, a reduction in competition could lead to increased costs for these technologies abroad [13] Other Important but Potentially Overlooked Content 1. **Capacity Reduction Focus**: The focus on reducing old and dirty capacity in hard-to-abate sectors is a recurring theme, with the government actively checking for overproduction in coal and other sectors [10][12] 2. **Trade Reliance**: Many countries still rely on Chinese products for their decarbonisation efforts, which could face headwinds from trade tensions [12] 3. **Renewable Energy Standards**: New solar capacity built between 2022-2024 has already adopted new emission reduction standards, indicating progress in the sector [11] 4. **Long-term Investment Story**: China's decarbonisation remains a long-term secular investment story, with consistent emphasis on its relevance since 2020 [9] This summary encapsulates the critical insights from the conference call, highlighting the implications of China's anti-involution campaign on sustainability and decarbonisation efforts.

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Greater China Materials, specifically in the Asia Pacific region [1] - **Market Sentiment**: The industry view is considered attractive by Morgan Stanley [6] Price Movements and Inventory Changes Base Metals - **Copper**: Prices decreased by 1.5% week-over-week (WoW), with inventories down by 1.2% WoW [2] - **Aluminum**: Prices fell by 1.3% WoW, while inventories increased by 1.5% WoW [2] - **Gold**: Price decreased by 1.4% WoW, settling at US$3,290 per ounce [2] Battery Metals - **Lithium Hydroxide**: Prices for industrial-grade and battery-grade lithium hydroxide rose by 9.4% and 8.5% WoW, respectively [2] - **Lithium Carbonate**: Prices for industrial-grade and battery-grade lithium carbonate increased by 1.5% and 2.1% WoW, respectively [2] Steel - **HRC and CRC Prices**: Shanghai HRC prices increased by 0.9% WoW, while CRC prices decreased by 0.2% WoW [3] - **Rebar**: Prices rose by 2.3% WoW [3] - **Long Steel Inventories**: Increased by 3.3% WoW [3] Cement and Coal - **Cement Prices**: Decreased by 0.6% WoW to Rmb323 per ton [3] - **Coal Prices**: QHD5500 coal prices increased by 0.5% WoW to Rmb665 per ton, with inventories dropping by 10.8% WoW [3] Glass - **Glass Fiber Prices**: Average prices declined by 1.3% WoW to Rmb3,850 per ton [4] - **Float Glass Prices**: Increased by 2.8% WoW to Rmb1,317 per ton [4] Regulatory Environment - **NDRC Initiatives**: The National Development and Reform Commission (NDRC) is promoting a unified national market and aims to eliminate 'involution-style' competition [8] - **CISA Recommendations**: The China Iron and Steel Association (CISA) emphasized the need for regional and product self-discipline, urging enterprises to control production and stabilize prices [8] Analyst Insights - **Analyst Team**: The report includes insights from multiple equity analysts at Morgan Stanley, indicating a collaborative approach to research [5] - **Investment Banking Relationships**: Morgan Stanley has disclosed its investment banking relationships with several companies in the materials sector, which may influence research objectivity [6][18] Stock Ratings - **Coverage Universe**: The report lists various companies within the Greater China Materials sector, with ratings ranging from Overweight to Underweight [62][64] - **Notable Companies**: Companies such as Aluminum Corp. of China Ltd. and Ganfeng Lithium Co. Ltd. are highlighted with their respective ratings [62][64] Conclusion - The Greater China Materials sector is experiencing mixed price movements across various commodities, with regulatory efforts aimed at stabilizing the market. Analysts maintain an attractive outlook for the industry, supported by ongoing price adjustments and inventory management strategies.

German Finance Minister Lars Klingbeil plans to bring up the issue of quotas for European steel when he meets with his US counterpart Scott Bessent https://t.co/ukidRCTsd6 ...