Abu Bucker Husain, Al Ghurair Iron & Steel LLC. Global Steel Industry Trends & Middle East Steel Outlook

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1 Abu Bucker Husain, Al Ghurair Iron & Steel LLC Global Steel Industry Trends & Middle East Steel Outlook

2 Disclaimer Al Ghurair Iron & Steel L.L.C. (AGIS) has prepared this document to provide general information on The Middle East Economy with relevance to the Steel Industry. AGIS has based the information in this document on primary and secondary researches and analyses. The information obtained from third party sources are all referenced in the relevant slides. AGIS does not express or imply any warranty pertaining to the accuracy or completeness of the information contained in this document or of any estimates, forecasts, numbers and assumptions in the presentation. All conclusions are subject to limitations such as time constraints and accuracy and easy availability of third party information and reflects the views ofthepresenterandnotagis. Nopartyshallbeentitledtorelyuponthisdocumentoranypartthereofandanyuseofthis presentation requires written permission of AGIS. Under no circumstances shall any party be entitledtoassertanyright,claimorotherentitlementagainstagisasaresult,oronthebasis of this document. AGIS accepts absolutely no liability of whatsoever nature to anyone, to whom the contents of thisdocumentoranypartthereofissharedwith.thisdocumentshouldbeconstruedinlightof the accompanying narrations presented at the pertaining conference.

3 Contents 1 Global Steel Trends 2 Middle East Steel Outlook 3 Gulf Cooperation Council (GCC) 4 Al Ghurair Iron & Steel

4

5 World Crude Steel Production Trend 3% CAGR 8% CAGR 0% CAGR 7% CAGR Stagflation Great Depression Source: WSA, AGIS Internal Analysis

6 Apparent Crude Steel Use Source: World Steel Association EU & NA steady but nominal growth Birth of ME & Africa in the Steel map Emergence of Asia (China) as the dominant player Collapse of Former USSR

7 Net Trade Growth in Semis & Finished Asia went from a Net Importer of 34m tpa To Net Exporter of 34m tpa S. America went from a Net Exporter of 12m tpa To a Net Importer of 3m tpa Region Change EU 3.9% increase in Net Exports CIS 3.2% decrease in Net Exports NAFTA 5.2% increase in Net Imports Africa 16.4% increase in Net Imports ME 6.4% increase in Net Imports Oceania 6.9% increase in Net Imports Source: Steel Stats 2013, World Steel Association

8

9 Historic Production Growth Mts (Million) 1,600 1,400 1,200 1, Oceania Middle East Africa Other Europe South America C.I.S. North America -4.0% 7.0% -0.7% 7.2% 0.8% 0.5% -0.4% 400 EU % Steady Global Steel Recovery since Crisis Asia & ME lead the way Asia CAGR of 5.3% CAGR of 7.7% since Crisis 9.6% Source: Steel Stats 2013, World Steel Association

10 Finished Steel Consumption Growth 16% 14% 12% CAGR % 10% 8% 7% 7% 8% 6% 4% 4% 4% 5% 5% 2% 1% 0% -2% -1% -1% Europe North East Asia America(excl.China) Other World Latin America CIS Global MENA Turkey India China Source: Steel Consult International

11 Apparent Steel Usage Historic Trend 1,400 1,200 1,000 Oceania Oth Asia India China CAGR -1.1% -0.2% 9.4% 13.1% ME 5.9% Africa 6.6% C&S Amer5.5% NAFTA -5.1% CIS Oth EU EU 4.1% 5.6% -2.9% Source : WSA, World Steel in Figures 2011

12 Apparent Steel Use per capita 2,000 ME World UAE Qatar 1,800 1,600 1,400 1,200 1, Comparison Region UAE Qatar Oceania 375% 440% EU % 422% Africa 2353% 2755% NAFTA 396% 464% C.I.S. 430% 503% S. America 869% 1018% M. East 323% 378% Oth Eur 328% 384% Asia 415% 486% World 457% 535% Source: Steel Stats 2013, World Steel Association

13 ASU Short Range Outlook (Qty) Oct 2013 Mts(million) 1,200 1, (e) 2014 (f) CAGR of 3.2% 1.5 Billion MtsASU by 2014 China forecasted to makes up for 47.3% of global ASU Source: World Steel Association

14 ASU Short Range Outlook (%) Oct 2013 YoY% Growth Rate EU 27 Other Europe CIS NAFTA Cent & S. America Africa Middle East Asia & Oceania Highest 2014 growth forecasted in Africa (8.2%) & ME (6.3%) 2014 World ASU growth of 3.3% (e) 2014 (f) Source: World Steel Association

15 2.0% 1.5% 1.0% 0.5% 0.0% Population Growth Forecast into 2100 Long Term Drivers 30% 25% 20% 15% 10% 5% 0% GDP Forecast to % Source: UN Source: IMF, World Bank, The Conference Board Africa % OECD Americas % Global Oil Deposits Non-OECD Europe/Eur asia % Asia % OECD Europe % Middle East % $ $ $ $ $50.00 Oil Price Forecast High price Reference Low price Other Americas % Source: Energy International Association $0.00 Steel Boom in the Middle East/ Africa Year Source: Inflation Data, EIA, AGIS Internal Analysis

16

17 Gulf Project Index Project Award I Half 2013 Growth/ II Half 2012 Growth/ I Half 2012 GCC $67.0 Billion +53% +19% Doha $15.9 Billion +230% +50% KSA $21.5 Billion -12.3% -20% UAE $15.5 Billion +66% -4% Source: MEED

18 UAE s Top 10 Projects Transport 10% US$ 30 Billion Construction 18% Power 32% Oil 40% Power Oil Construction Transport Baraka Nuclear Upper Zakum National Housing AD Airport Power Plant 1,2&3 RuwaisRefinery (Package 2&3) Ruwais Coker Dubai Pearl Source: MEED Projects

19 Middle East SWOT Analysis S Geographical Positioning Oil Reserves W Political Instability Civil Unrest T Sanctions Dumping O Increasing Oil Price Growing Infra- Structure needs

20

21 AGIS Introduction First Cold Rolling & Galvanizing Complex in UAE Commissioned in 2008 Successfully completed 5 years of operation at full capacity Strategic Alliance with Nippon Steel Corporation One of the largest steel makers in the world Orders for expansion already placed

22 Production Lines 350k tpa Pickling 250k tpa 250k tpa CRM 200k tpa 200k tpa CGL 50k tpa 150k tpa Finished Goods 200k tpa Skin Pass Line CGL Phase 2 200,000 TPY 400,000 TPY

23 Our Competitive Advantage AGIS

24 Abu Bucker Husain Al Ghurair Iron & Steel LLC

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