VSVS和RHIM2025年4月全球钢铁产量（不含中国和伊朗）同比下降0.9%

Jefferies UK Industrials Team * | Equity| jefferiesukindustrialsteam@jefferies.comAndy Douglas * | Equity Analyst44 (0) 20 7029 8166 | andrew.douglas@jefferies.comVanessa Jeffriess * | Equity Analyst44 (0)20 7548 4123 | vjeffriess@jefferies.comDavid Farrell * | Equity Analyst44 (0)20 7029 8407 | david.farrell@jefferies.comRichard Hill * | Equity Associate+44 (0)20 7548 4540 | rhill1@jefferies.comExhibit 1 - Global Steel Production ex-China &0%10%20%30%40%50%YoYEquity ResearchMay 22, 2025 Research TeamSource: WorldSteel RHIM — Hold:We reiterate our Hold recommendation. The group continues to deliver resilientupdates, but it faces many headwinds and limiting earnings progress. Management have beenfrank and open around these issues, and we acknowledge that the equity story continues tobe fundamentally about M&A, but this year is also likely to be slower on that front, given highleverage and the focus on integrating Resco. As such, while the stock trades at meaningfuldiscounts to the sector, we see few catalysts to drive re-rating.Please see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Global Steel ProductionIn Exhibit 2, we present monthly steel production data for key regions dating back to Jan-21,which highlights not only the decline/growth across the regions, but also the disparities amongthe regions. We note that we restated numbers in our table last year, switching global productionexcluding China to also historically exclude Iran.Exhibit 2 - Global Steel Production (mT) By Month (Jan-21 - Apr-25).ProductionJan-21162.9Feb-21150.2Mar-21169.215%Apr-21169.524%May-21174.417%Jun-21167.912%Jul-21161.7Aug-21156.8(1%)Sep-21144.4(8%)Oct-21145.7(10%)Nov-21143.3(9%)Dec-21158.7(1%)Jan-22155.0(5%)Feb-22142.7(5%)Mar-22161.0(5%)Apr-22162.7(4%)May-22169.5(3%)Jun-22158.1(6%)Jul-22149.3(8%)Aug-22150.6(4%)Sep-22151.7Oct-22147.3Nov-22139.1(3%)Dec-22140.7(11%)Jan-23145.3(6%)Feb-23142.4(0%)Mar-23165.1Apr-23161.4(1%)May-23161.6(5%)Jun-23158.8(0%)Jul-23158.5Aug-23152.6Sep-23149.3(2%)Oct-23150.0Nov-23145.5Dec-23135.7(5%)Jan-24148.1(2%)Feb-24148.8Mar-24161.2(4%)Apr-24155.7(5%)May-24165.1Jun-24164.1Jul-24152.8(5%)Aug-24144.8(7%)Sep-24143.6(5%)Oct-24152.1Nov-24146.8Dec-24144.5Jan-25151.4(4%)Feb-25144.7(3%)Mar-25166.1Apr-25155.7(0%)Source: WorldSteelGlobalIn Exhibits 3-12, we outline monthly steel production (and weekly US steel production) datingback to Mar-17. Exhibits 12 and 13 outline the geographical splits of Vesuvius' and RHIM's steeldivisions in FY24.Please see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. YoYProduction8%4%4%5%1%3%7%2%1%3%4%2%1%1%1%6%3% YoYProductionYoYProductionYoYProduction70.02%6.9(10%)12.2(1%)90.264.9(4%)6.3(11%)11.9(3%)83.072.610%7.12%13.613%94.069.141%6.943%12.920%97.972.334%7.247%13.529%99.571.529%7.144%13.230%93.972.320%7.538%13.032%86.871.115%7.526%11.625%83.269.311%7.322%12.714%73.871.98%7.520%13.46%71.671.37%7.214%12.91%69.369.74%7.212%11.1(6%)86.270.51%7.36%11.5(6%)81.765.20%6.42%11.7(2%)75.070.4(3%)7.0(1%)12.8(6%)88.367.7(2%)6.90%12.3(5%)92.870.6(2%)7.20%12.9(4%)96.665.6(8%)6.9(3%)11.8(11%)90.765.3(10%)7.0(7%)11.7(10%)81.463.5(11%)7.0(7%)9.7(16%)83.962.0(11%)6.6(10%)10.7(16%)87.064.6(10%)6.7(11%)11.3(16%)79.861.7(13%)6.4(11%)10.5(19%)74.560.1(14%)6.5(10%)9.2(17%)77.963.1(10%)6.5(11%)10.3(10%)79.559.9(8%)6.0(6%)10.5(10%)80.167.4(4%)6.7(4%)11.9(7%)95.765.7(3%)6.6(4%)11.1(10%)92.668.2(3%)6.9(4%)11.6(10%)90.164.5(2%)6.81%10.6(11%)91.165.71%6.91%10.3(7%)90.864.62%7.01%9.1(4%)86.464.85%6.73%10.6(1%)82.167.83%6.83%10.6(7%)79.166.47%6.66%10.63%76.165.46%6.88%9.13%67.468.34%6.8(0%)10.2(2%)77.265.44%6.5(1%)10.6(3%)81.270.10%6.90%11.6(4%)88.367.1(2%)6.7(3%)11.31%85.968.9(0%)6.9(2%)11.72%92.967.21%6.7(2%)11.15%91.668.12%6.92%10.86%82.965.5(1%)7.01%9.12%77.965.0(2%)6.71%10.50%77.167.9(1%)8.8(4%)11.36%81.965.3(1%)6.4(3%)10.74%78.465.9(0%)6.7(2%)9.67%76.067.3(2%)6.61%10.3(3%)81.964.1(3%)6.0(7%)10.1(7%)78.969.51%6.7(2%)11.70%92.867.0(1%)6.6(0%)11.1(3%)86.0Global ex-China & IranUSEUChina Exhibit 3 - Global Monthly Steel Production (Apr-17 - Apr-25).020,00040,00060,00080,000100,000120,000140,000160,000180,000Apr-17Oct-17Apr-18Oct-18Apr-19Source: WorldSteelExhibit 5 - China Monthly Steel Production (Apr-17 - Apr-25).010,00020,00030,00040,00050,00060,00070,00080,00090,000100,000Apr-17Oct-17Apr-18Oct-18Apr-19Source: WorldSteelExhibit 7 - EU Monthly Steel Production (Apr-17 - Apr-25).02,0004,0006,0008,00010,00012,00014,00016,000Apr-17Oct-17Apr-18Oct-18Apr-19Source: WorldSteelPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 9 - US Monthly Steel Production (Apr-17 - Apr-25).01,0002,0003,0004,0005,0006,0007,0008,000Apr-17Oct-17Apr-18Oct-18Apr-19Source: WorldSteelExhibit