KS GDS JPS POSCO AM

rev 3 17467041 2124072 487787.67 39406.667 89357

ebit 3 1082858 205973.33 51939.667 4701.6667 4915.3333
other asset 3 256230 6692 74 797 11299
asset 3 15251430 1379362 388192.33 46786.333 130563
debt recent 8290144 428856 111148 29122 68474
debt 3 8404925 948291.67 107681 20368.667 71005.333
depre 3 353292 29116 933 2215 4935
capital recent 17584059 1074570 411282 59869 130904
Interest 360295 40877 802 423 1930
CFO 3 779643.67 42159 58449 4048 8648.3333
FCF -415816 110098 60343 2220 916
rev recent 14856156 1710132 427792 53430 78025
8555
statdev 150425.77

KS GDS JPS POSCO AM

Net Consolidated 1.74 0.2 0.05 53.43 78.025
Operational Regional 5 3 2 7 7
EBIT Margin 6.20% 9.70% 10.65% 11.93% 5.50%
RONA 7.22% 15.01% 13.38% 10.22% 4.12%
CFO/Net Sales 32% 917% 64% 87% 39%
Debt/Capital 47% 40% 27% 49% 52%
Debt/EBITDA 5.85 4.03 2.04 2.94 7.21
EBIT/Interest 3.01 5.04 64.76 11.12 2.55
CFO-Div/Debt 9% 4% 54% 20% 12%
FCF/Debt -5% 12% 56% 11% 1%
US Steel
17392
433.33333
279
15619.667
11499
11145.667
481
15350
174
406
116
17374

KS GDS
US Steel Weight Rating Value Rating Value
17.374 Net Consolidated 0.25 B 1 Caa 0
6 Operational Regional 0.1 A 4 Baa 3
2.49% EBIT Margin 0.1 Ba 2 Baa 3
2.82% RONA 0.05 Baa 3 Aa 5
345% CFO/Net Sales 0.1 A 4 Caa 0
75% Debt/Capital 0.15 Baa 3A 4
12.19 Debt/EBITDA 0.1 Ba 2B 1
2.49 EBIT/Interest 0.05 Ba 2 Baa 3
4% CFO-Div/Debt 0.05 B 1 Caa 0
1% FCF/Debt 0.05 Caa 0A 4
Total 2.20 1.90
Ba1 Ba2
3 4
 JPS Posco AM US Steel
Rating Value Rating Value Rating Value Rating Value
Caa 0 Aaa 6 Aaa 6A 4 0.25
Ba 2 Aa 5 Aa 5A 4 0.4
Baa 3 Baa 3 Ba 2B 1 0.2
A 4A 4 Ba 2 Ba 2 0.15
Ba 2B 1A 4 Caa 0 0.4
Aa 5 Baa 3 Ba 2B 1 0.45
Baa 3 Baa 3 Caa 0 Caa 0 0.2
Aaa 6 Aa 5 Ba 2B 1 0.1
Aa 5 Ba 2B 1 Caa 0 0.05
Aaa 6 Baa 3B 1B 1 0
2.80 3.85 3.2 1.85
Ba3 A2 Baa2 Ba2
6 1 2 4
 0 0 1.5 1.5 1
0.3 0.2 0.5 0.5 0.4
0.3 0.3 0.3 0.2 0.1
0.25 0.2 0.2 0.1 0.1
0 0.2 0.1 0.4 0
0.6 0.75 0.45 0.3 0.15
0.1 0.3 0.3 0 0
0.15 0.3 0.25 0.1 0.05
0 0.25 0.1 0.05 0
0.2 0.3 0.15 0.05 0.05
 (in IDR mill Krakatau Steel Gunawan Dianjaya Steel
2008 2009 2010 2008 2009
20631431 16913535 14856156 3020530 1641555
Revenue
17915367 15728146 12621376 2460755 1829359
COGS

gross profit 2716064 1185389 2234780 559775 -187804

Operating Exp
1355676 1159449 1241851 142573 85622
Operating Income

1360388 25940 992929 142573 -273426

net income 459571 494672 1062683 83070 -150055

EBIT 1536600 413494 1298480 261010 145676

15374427 12795803 17584059 2092780 970737

Asset
Debt 9934666 6989965 8290144 1919567 496452
5439761 5805838 9293915 173213 474285
Equity

CFF -7468 -184001 2663432 10 -98851

CFO 607123 883379 848429 213874 -52402

-203210 -1028399
CFI -18216 -90 -542

0.0294270911 0.0522291 0.0571096 0.07080678 -0.031922

std 0.0147765
x 32%
Exhibit 4
Collected Data of Three Global Steel Companies

(in USD POSCO Arcelor Mittal

million) 2008 2009 2010 2008 2009
33141 31649 53430 124936 65110
Revenue
24048 24567 43035 100010 58019
COGS
9093 7082 10395 24926 7091
gross
profit
Operating 3398 3760 5339 12690 8769
Exp
Operating
Income
5695 3322 5056 12236 -1678
 net 3454 2764 3684 9399 118
EBIT 5127 3702 5276 14053 -2741

37284 43206 59869 133088 127697

Asset
15321 16663 29122 77890 66652
Debt
21963 26543 30747 55198 61045
Equity

CFF 2474 740 5004 -2132 -6347

CFO 2971 7389 1784 14652 7278

CFI -4607 -8344 -6071 -12428 -2784

0.0896472647 0.2334671 0.0333895 0.11727605 0.1117801

0.1031828
x 87%
Exhibit 5
Other Collected data of Six Steel Companies

Three Krakatau Steel Gunawan Jaya Pari Arcelor

Years (IDR) Dianjaya Steel (IDR) Mittal
Average
2010) in (IDR) Posco (USD)
million (USD)
Depreciati 353292 29116 933 2215 4935
on
interest 360295 40877 802 423 1930
Expense
Other 256230 6692 74 797 11299
Asset
Free Cash -415816 110098 60343 2220 916
Flow

Exhibit 6
Aggregate Weighted Factor Score

Aggregate
Weighted
Factor Score
Aaa x > 5.5
Aa1 5.2 < x 5.5
Aa2 4.8 < x 5.2
Aa3 4.5 < x 4.8
A1 4.2 < x 4.5
A2 3.8 < x 4.2
A3 3.5 < x 3.8
Baa1 3.2 < x 3.5
Baa2 2.8 < x 3.2
Baa3 2.5 < x 2.8
Ba1 2.2 < x 2.5
Ba2 1.8 < x 2.2
Ba3 1.5 < x 1.8
B1 1.2 < x 1.5
B2 0.8 < x 1.2
B3 0.5 < x 0.8
Caa1 0.0 < x 0.5
aya Steel Jaya Pari Steel
2010 2008 2009 2010
1710132 732703 302868 427792
2 3 8 2
1413251 617319 267460 372059

296881 115384 35408 55733

90757 17033 15103 17314

206124 98351 20305 38419

171428 49158 1917 28445

211234 92819 21724 41276

1074570 399344 353951 411282

428856 129633 82262 111148

645713 269711 271689 300134 8404925 5.8524005
1082858

-34995 116895 9626 48826

-99900 -37220
-1336 -4676

-0.020463 0.16 0.03178282 0.1141349067

0.056295 0.0647626154
917% 64%

rcelor Mittal U.S Steel

2010 2008 2009 2010
78025 23754 11048 17374

66689 19723 11597 16259

11336 4031 -549 1115

7731 962 1135 1226

3605 3069 -1684 -111

 2916 2112 -1401 -482
3434 3176 -1686 -190

130904 16087 15422 15350

68474 11192 10746 11499

62430 4895 4676 3851

-7 -305 938 335

4015 1658 -61 -379

-3438 -1032 -374 -583

0.0514579 0.0697988 -0.0055214 -0.0218142051

0.0365171 0.0488731631
39% 345%

U.S

Steel
(USD)
481
174
279
116
(in IDR millKrakatau Steel Gunawan Dianjaya Steel
2008 2009 2010 2008 2009 2010
20631431 16913535 14856156 3020530 164155 171013
Revenue 5 6 0 5 2
179153 1572814 1262137 246075 182935 141325
COGS 67 6 6 5 9 1
271606 -187804
gross profit 4 1185389 2234780 559775 296881
Operating 135567
6 1159449 1241851 142573 85622 90757
Operating 136038 -273426
8 25940 992929 142573 206124
-150055
net income 459571 494672 1062683 83070 171428
153660
EBIT 0 413494 1298480 261010 145676 211234

153744 1279580 1758405 209278 107457

Asset 27 3 9 0 970737 0
Debt 993466 6989965 8290144 191956 496452 428856
Jaya Pari Steel
2008 2009 2010
73270 30286 42779
3 8 2
61731 26746 37205
9 0 9
11538
4 35408 55733

17033 15103 17314

98351 20305 38419

49158 1917 28445

92819 21724 41276

39934 35395 41128

4 1 2
12963 82262 11114