1 the steel market from bear to bull mark gell general manager corporate development onesteel american chamber of commerce business briefing 27 june 2006 slide 2 global landscape has changed period 1970 2000 over capacity 800 million tonnes demand 950 too much government ownership z almost 75 industry state owned and run in late 1980s fragmented 95 players produced more than per annum top player only 5 total production historically companies unable pay their cost capital across cycle today china s industrialisation on an unprecedented scale fuelled one biggest resource booms memory now exceeds billion with accounting for 25 30 dropped estimated 23 some consolidation is occurring mega or niche succeed 3 haven t paid hatch associates limited 2005 trade at a discount other industrial stocks source credit suisse equity research 0 4 6 8 10 12 14 av er age mth w ar d pe x national
