2015 11 9

Steel - China: Challenging Business Conditions Drive Capacity Removals and

Restructuring ()

5
1-2

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+86.21.2057.4000
+86.21.2057.4018

jiming.zou@moodys.com

+852.3551.3077

+852.3758.1366

chris.park@moodys.com

+852.3758.1377

gary.lau@moodys.com

+61.2.9270.8111

Brian Cahill

+61.2.9270.8105

brian.cahill@moodys.com

12 5%
12 3%-4%
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www.moodys.com
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2015 11 9

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2015 11 9

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12

( 10) () 2014 3 11
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2015 6 30

2014 12 31

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10

2015 11 9

Outlook Update: European Steel Industry: Downward Pressure on Steel Prices Not Enough to Change
Stable Outlook2015 6 8

Outlook Update: US Steel Industry: Low Prices, Weak Capacity Utilization Turn Outlook Negative
2015 5 7

Steel-Asia: Declining Profitability amid Worsening Supply Glut Drives Negative Outlook2015 7
13

Metals & Mining: Steel & Speciality Metals - Russia: Russian Steelmakers Well Placed To Withstand
Recession2015 6 22

Global Macro Outlook 2015 -16: Stronger US Dollar and Shifts in Capital Flows Stoke Divisions in
Global Growth2015 5 12

Steel - Japan: Credit Quality Stable Despite Poor Market Conditions2015 9 29

India - Steel Industry: Safeguard Duty on Steel Imports Is Credit Positive for Indian Steel Producers
2015 9 16

11

2015 11 9

185885
1009036

Eri Watanabe

2015 (Moodys Corporation) (Moodys Investors Service, Inc.) Moodys Analytics, Inc./()

(MIS)
()

Moodys Analytics, Inc

()

()

(a) (b)

(
)

(MCO) ()
1,500 2,500,000 MCO MIS
MIS MCO MIS MCO 5%
www.moodys.com
Moodys Investors Service Pty Limited
(ABN) 61 003 399 657 (AFSL) 336969/ Moodys Analytics Australia Pty Ltd (ABN) 94 105 136 972
(AFSL) 383569 () 2001 (Corporations Act 2001) 761G
2001 (Corporations Act 2001) 761G

Moody's Japan K.K. (MJKK) Moody's Group Japan G.K. Moodys Overseas Holdings Inc.
Moodys SF Japan K.K. (MSFJ) MJKK MSFJ (NRSRO) MSFJ NRSRO
NRSRO NRSRO MJKK MSFJ FSA
Commissioner (Ratings) 2 3
MJKK MSFJ () MJKK MSFJ () ()
MJKK MSFJ () 200,000 350,000,000
MJKK MSFJ

12

2015 11 9