There is no denying that the technology sector in the United States has taken most of the attention over the past couple of years in the U.S. stock market. Not only is the attention aspect present, but the S&P 500 also has a significant weighting, leading to an overconcentration of capital in the current narratives surrounding artificial intelligence and trade tariffs. As a net result, this has left other industries and excellent companies behind, creating an opportunity for savvy investors to realize that ...

V i e w p o i n t | 21 Aug 2025 09:00:00 ET │ 9 pages Global Metals & Mining Steel exports from China in 1H'25 extends the trend of "going farther," as price differentials increase CITI'S TAKE Chinese steel net exports reached 104 mn tonnes in '24 (+25% vs 83mn tonnes in '23, which itself was +46% vs 57mn tonnes in '22) and 1H'25 is annualizing 110mn tonnes. Most of the increase was due to near-record price differentials between China and global steel prices. However, with the higher absolute price level an ...

V i e w p o i n t | 20 Aug 2025 09:00:00 ET │ 9 pages Global Metals & Mining Cement vs. steel production trends in China: Divergence is explainable CITI'S TAKE China's cement production is annualizing at the lowest levels since 2009 while steel production is c.65% higher than 2009 levels. The increase in steel net exports explains part of the difference—if Chinese net exports of steel went back to 2009 levels (when they were negligible), steel production in China would only be c.45% higher than 2009 levels, ...

21 Aug 2025 09:00:00 ET │ 9 pages Global Metals & Mining Steel exports from China in 1H'25 extends the trend of "going farther," as price differentials increase CITI'S TAKE Chinese steel net exports reached 104 mn tonnes in '24 (+25% vs 83mn tonnes in '23, which itself was +46% vs 57mn tonnes in '22) and 1H'25 is annualizing 110mn tonnes. Most of the increase was due to near-record price differentials between China and global steel prices. However, with the higher absolute price level and higher profit spre ...

Core Viewpoint - Canada is reversing its tariffs on approximately $21.7 billion worth of American goods in an effort to ease trade tensions with the Trump administration, while maintaining tariffs on certain sectors like steel, aluminum, and automobiles [1][4][5]. Group 1: Policy Shift - Prime Minister Mark Carney will announce the removal of 25% tariffs on a wide range of US consumer goods that comply with the North American trade agreement [1][4]. - This marks a significant change in Canada's approach, moving away from aggressive retaliation against US tariffs that characterized Carney's election campaign [2][8]. Group 2: Economic Impact - The tariff rollback will exempt American products such as orange juice, wine, clothing, and motorcycles from the previously imposed import taxes [4][17]. - Canada's earlier retaliatory measures targeted about $21.6 billion in US shipments, but the recent policy change is expected to alleviate some economic pressures without triggering inflation, as consumer prices rose only 1.7% year-over-year in July [11][19]. Group 3: Strategic Considerations - The decision to roll back tariffs is seen as a strategy to ease tensions with the White House and prepare for the upcoming review of the US-Mexico-Canada Agreement [6]. - Carney's administration has shown skepticism towards the effectiveness of tit-for-tat trade measures, leading to exemptions for certain US items and potential relief for automakers maintaining Canadian manufacturing [13][16].

 Montreal, QC – TheNewswire - August 21, 2025 -- Ecolomondo Corporation (TSXV: ECM) (OTC: ECLMF) (the “Company” or “Ecolomondo”), a leading Canadian innovator in sustainable scrap tire recycling technology, is proud to announce that it shipped a 4th truckload of its recovered carbon black (“rCB”) produced at its Hawkesbury TDP facility, with a 5th purchase order in-hand to be shipped shortly to its major off-take customer. In addition, a second major off-take customer has recently approved Ecolomondo’s rCB ...

Tariff Impact & Scope - New tariffs on derivatives of steel and aluminum were implemented unexpectedly, catching the market by surprise [2] - The scope of the new tariffs is significant, reportedly six times larger than the total tariffs seen in 2018 [1] - The tariffs apply immediately, including goods already in transit, causing financial strain for importers [2][3] Market & Economic Concerns - Concerns arise about potential economic impact as businesses may become hesitant to place import orders due to tariff uncertainty [4] - The market is experiencing dislocations due to tariff announcements differing from expectations [5] - Unpredictability in tariff policy makes it difficult for US buyers to plan, especially with long shipping times (e g 90 days) [7] Copper Market Comparison - Unlike the copper market where anticipatory shipping occurred before potential tariffs, the new tariffs were unexpected [6] - The copper market experienced a 20% drop when refined copper tariffs were not implemented as expected, highlighting market sensitivity [7]

CITI'S TAKE Flash | In this series of notes, we aim to track and analyze high-frequency on- ground demand trends in China. Market expectations of a demand recovery have been largely cautious. Latest pecking order: aluminum > steel > copper > thermal coal > battery > gold > lithium > cement. Production — According to data from Mysteel, from Aug 8 to Aug 14, total China steel production was 8.7mt, +0.3% WoW and +12% YoY, of which rebar/HRC/CRC production was 2.2/3.2/0.9mt, -0.3%/+0.2%/+0.2% WoW and +32.5%/+4. ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Metals & Mining** industry, utilizing the **HOLT valuation framework** to analyze various sub-sectors and companies within this space [1][2][3]. Core Insights and Arguments Valuation Methodology - HOLT's valuation framework is based on a **discounted cash flow model**, emphasizing **Cash Flows Return on Investment (CFROI)** as a key metric for comparing performance across companies and time [1][13]. - The report suggests that there is no single valuation methodology for metals & mining; a combination of **short-term trading multiples (EV/EBITDA)**, cash returns, and **Net Present Value (NPV)** is preferred [1]. Sub-Sector Valuation Insights - **Gold**: - Gold stocks are seen as **undemanding** with market-embedded expectations around **6%**, compared to near-term CFROI forecasts of **~8%** [3][29]. - Top picks include **ABX**, **KGC** in North America, and **EDV** in Europe [3][31]. - **Aluminium**: - Aluminium stocks are viewed positively, trading at a **15-30% discount** to historical EV/EBITDA averages [4][36]. - Preferred stock for exposure is **NHY** [4][37]. - **Copper**: - Copper stocks are considered **expensive** with high market expectations, trading close to historical averages [5][50]. - Recent downgrades include **FCX**, **SCCO**, and **LUN** to Neutral, and **KGHM** to Sell due to a cautious outlook [5][51]. - **Diversified Miners**: - Market expectations are in line with forecasts at **~4%**, but these stocks trade at a premium compared to other sub-sectors [8][43]. - Preference for **GLEN** over **RIO**, **BHP**, and **Vale** due to better capital discipline [8][44]. - **Steel**: - EU steel stocks are pricing in low returns due to high capital intensity and regulatory uncertainties, while US steel stocks are expected to perform better due to protective tariffs [9][57]. - Preferred US steel stocks include **NUE** and **STLD** [9][57]. Additional Important Insights - The report highlights the **structural challenges** faced by the steel industry in Europe, including high costs related to CO2 emissions and energy [58][59]. - The **EU Steel Action Plan** may provide support for returns on decarbonization projects, potentially leading to a re-rating of the sector [60]. - The **HOLT methodology** does not assign ratings or target prices but serves as an analytical tool for evaluating company performance [66][67]. Conclusion - The Metals & Mining industry presents varied investment opportunities across sub-sectors, with specific stocks recommended based on their valuation relative to market expectations and forecasts. The report emphasizes a selective approach, particularly in the context of changing commodity prices and regulatory environments.

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **steel industry** in China, tracking high-frequency demand trends and production data [1] Core Insights - **Production Data**: - Total steel production in China from August 1 to August 7 was **8.7 million tons (mt)**, reflecting a **0.2% week-over-week (WoW)** increase and a **10.9% year-over-year (YoY)** increase. - Breakdown of production: - Rebar: **2.2 mt** (+4.8% WoW, +31.2% YoY) - Hot-Rolled Coil (HRC): **3.1 mt** (-2.4% WoW, +3.7% YoY) - Cold-Rolled Coil (CRC): **0.9 mt** (-1.3% WoW, +6.1% YoY) [1] - **Year-to-Date Production**: - Total steel production from the beginning of the year was **274 mt**, down **0.8% YoY**. - Year-to-date production breakdown: - Rebar: **68.2 mt** (-3.4% YoY) - HRC: **102.3 mt** (+0.5% YoY) - CRC: **27.7 mt** (+2.2% YoY) [1] - **Inventory Levels**: - As of August 7, China's steel inventory stood at **13.8 mt**, up **1.7% WoW** but down **20.2% YoY**. - Inventory breakdown: - Steel mills: **4.1 mt** (+0.8% WoW, -12.3% YoY) - Traders: **9.6 mt** (+2.1% WoW, -23.1% YoY) - Rebar: **5.6 mt** (-22.7% YoY) - HRC: **3.6 mt** (-18.5% YoY) - CRC: **1.4 mt** (-24.3% YoY) [1] - **Apparent Consumption**: - For the week of August 1 to August 7, apparent consumption was **8.5 mt**, down **0.7% WoW** but up **4.6% YoY**. - Lunar calendar consumption showed a **5.6% YoY** increase. - Breakdown of apparent consumption: - Rebar: **2.1 mt** (+3.6% WoW, +10.5% YoY) - HRC: **3.1 mt** (-4.3% WoW, +2.6% YoY) - CRC: **0.9 mt** (-2.7% WoW, -0.2% YoY) [1] - **Year-to-Date Apparent Consumption**: - Total apparent consumption year-to-date was **271.2 mt**, down **0.4% YoY**. - Breakdown: - Rebar: **66.7 mt** (-3.8% YoY) - HRC: **101.7 mt** (+1.2% YoY) - CRC: **27.8 mt** (+4.0% YoY) [1] Additional Insights - The report indicates a cautious market expectation regarding demand recovery in the steel sector, with a pecking order of demand recovery being aluminum > steel > copper > thermal coal > battery > gold > lithium > cement [1] This summary encapsulates the key data and insights from the conference call regarding the steel industry in China, highlighting production, inventory, and consumption trends.