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https://staalx.com

August 22, 2022

News from the Market

https://www.staalx.com

Markets under pressure

Future may be bright but short term outlook more gray

The ruleof thumb for commoditymarkets is "what goes up must come down". Thi=
s is now also happening to rebar markets. Even though the rebar market stil=
l enjoys historically high prices, prices have been sliding down steadily f=
or the last three months. While this is not pleasant by any means for rebar=
 sellers, the slide has been a lot more gentler than for some other product=
s. For example hot rolled coils and along with that all other derivatives o=
f flat rolled products, have been coming down harder, in larger steps from =
much higher heights.

The main culprit is the rise in interest rates really slowed down the const=
ruction activity as financing large projects have been a lot more costly. A=
nother big factor is that supply is finally catching up with demand and buy=
ers still remain in inventory reduction mode to right size their inventory =
to the new demand levels. As a result, most sellers feel that getting order=
s is like pulling teeth nowadays.

Wire rod mills too announced $40 / short ton decreases last week, another e=
vidence that the markets are a lot softer.

Still not all the news were bad last week. President Biden signed another b=
ig spending bill under the "Inflation Reduction Act of 2022" giving a huge =
boost of renewal energy project for which all of them will use serious amou=
nt of steel in the coming years. Of course all these federally funded proje=
cts will need to use domestic steel but as a sum, domestic producers and im=
porters will both enjoy healthy demand. Coupled with infrastructure spendin=
g, the new bill keeps the domestic producers busy, prices relatively high a=
nd the rest of the market will need imports to keep up with the commercial =
projects and apparent demand.

But we won't see the effects of the boost until the earliest next year. For=
 now, the market will have to go through soft demand and downward trending =
prices.

Although international prices have been pushed up recently by higher scrap =
and energy prices, demand has been weak and the increases look quite fragil=
e. Offers were in the mid 40's with only a few shipments being booked to go=
 through the Fall arrivals so far.

In the US Gulf spot prices dropped under $50 cwt. West Coast and Midwest pr=
ices are higher. Mexican mills are offering $48-49 range for October delive=
ries in Texas.

StaalX Rebar listing index closed the week at $54.25 cwt, modestly down fro=
m the previous week. For exact delivered prices visit StaalX and check out =
instant quotes for the size and grade you are looking for.

http://staalx.com Go to StaalX.com

http://steelorbis.com

From our content partner, SteelOrbis

US rebar market continues to soften

Wednesday, 17 August 2022 20:09:33 (GMT+3) | San Diego

Although some in the US domestic rebar market think spot prices might be ne=
aring their bottom, others say prices have "a bit to go," evidenced by the =
quiet price decreases sources report from mills. In the absence of a formal=
 price decrease announcement, sources say mills are quietly lowering prices=
, partially to compete with low import offers, but also as a reflection of =
seasonally slower demand. Once the market "returns from vacation," as sourc=
es say, increased buying activity could slow the rebar price decline.

For now, US domestic rebar spot prices are now in the range of $49.00-$50.0=
0 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) ex-mill in the Midwest, and $50=
.50-$51.50 cwt. ($1,113-$1,135/mt or $1,010-$1,030/nt) ex-mill on the East =
coast, reflecting a drop of $1.00 cwt. ($22/mt or $20/nt) in the last week.

US domestic wire rod prices soften after mill announcement

Friday, 19 August 2022 23:56:20 (GMT+3) | San Diego

After Nucor announced a $2.00 cwt. ($44/mt or $40/nt) price decrease for wi=
re rod earlier this week, some sources said that once again, the move was m=
ore of a "cover" for recent price downticks rather than an attempt to pull =
down market prices. But other sources say US domestic wire rod mills are cu=
rrently hungry for orders and not content to wait until demand starts to pi=
ck up.

Either way, spot prices are down about $1.00 cwt. ($22/mt or $20/nt) since =
the announcement, with the rest of the amount expected to show in spot pric=
es by next week. US domestic wire rod spot prices are now at $52.00-$53.00 =
cwt. ($1,146-$1,169/mt or $1,040-$1,060/nt) ex-mill.

US scrap prices expected to hold sideways in September

Wednesday, 17 August 2022 23:16:39 (GMT+3) | San Diego

Although scrap market players' predictions for September are largely varied=
, the prevailing suspicion is that prices will hold at sideways. The ration=
ale behind this thinking is linked to several factors, such as still stable=
 (yet relatively unexciting) scrap cargo sales prices into Turkey, slowed s=
crap inflows into domestic scrap yards (due to seasonal factors and soft pe=
ddler prices), and the fact that mills aren't expected to make large volume=
 buys during next month's cycle.

"On one hand, [scrap] inflows have slowed down based on what happened with =
pricing this month," a source said, noting that in most places, cuts and sh=
red were down $20-$30/gt, and busheling fell by an astonishing $70/gt. "On =
the other hand, there's some [production] outages that are coming up and I =
don't think the mills are going to be buying a ton of scrap.

"I think it's going to be a wash."
Another source said that he too is guessing that September will be sideways=
.

"It really seems like we're bouncing along the bottom," a third source said=
, adding that while he thinks that prices could come up modestly next month=
, that order books need to strengthen and the steel market needs to get a b=
it of tension in it before scrap prices can start to firm.

Others feel that prices could come up or trend down.
For example, a fourth source said he believes that the market will trend at=
 strong sideways (and that primes could firm by as much as $30/gt next mont=
h) whereas a fifth source said he thinks that primes will hold sideways, an=
d that cuts and shred could come down by $20/gt.

"I don't think there is any question that consumers will raise [busheling] =
prices to stop it from [being thrown into the shredder, since shredded pric=
es are currently at or slightly above prime grade scrap prices]," the fourt=
h source said. "So I think bush will need to move up $30/gt for September, =
and if not they will be scrambling [for prime grade scrap] by October. Shre=
d should be sideways as volumes have slowed down at the yards. My my guess =
is a strong sideways."

The fifth source said that while he agrees that the price spread between sh=
redded and busheling scrap needs to re normalize, he suspects that will hap=
pen by shredded prices coming down.
I think we all agree that primes will trade higher than [secondary grades] =
over the next 1-2 months," he said. "But will t be done with primes increas=
ing [and secondaries staying sideways] or secondaries decreasing? I don't s=
ee much justification for primes to increase [in September.] I'm thinking d=
own $20/gt on [secondary grades.] I think the only way his normalizes is wi=
th obsolete grades falling."

Additional clarity is expected by the end of next week.

https://www.linkedin.com/in/murat-askin/

Perspectives from StaalX Founder and CEO
In this second article in the intimate series, Murat Askin talks about the =
ups and downs of steel trading industry and the genesis of ideas that creat=
ed StaalX.

https://www.linkedin.com/posts/murat-askin_rebar-steel-steeltrading-activit=
y-6964596968417357826-DUGx?utm_source=3Dlinkedin_share&utm_medium=3Dmember_=
desktop_web Article III:Start walking, the path will appear

https://www.linkedin.com/posts/murat-askin_steeltrading-ecommerce-activity-=
6962229903756865537-jBPV?utm_source=3Dlinkedin_share&utm_medium=3Dmember_de=
sktop_web Article II: Trading Companies are like Crocodiles

https://www.linkedin.com/posts/murat-askin_steeltrading-ecommerce-activity-=
6959314884652134400-PR5P?utm_source=3Dlinkedin_share&utm_medium=3Dmember_de=
sktop_web Article I: SteelVillage.com -The beginning of chasing my dreams

StaalX at the SMU Steel Summit 2022

Our founder and CEO, https://www.linkedin.com/in/ACoAAAHMv60BzP3fXUmVx14aTs=
0nLIHsSWVSZng Murat Askin [ https://www.linkedin.com/in/ACoAAAHMv60BzP3fXUm=
Vx14aTs0nLIHsSWVSZng ] will be a panelist at SMU Steel Summit. He will shar=
e his knowledge and expertise on the challenges with supply chain issues, e=
merging technologies that can impact steel trading, tariffs, and political =
uncertainty impacted the flow of steel around the world and specifically in=
to North America.

Do you have any questions? Check out our FAQ

We know you have a lot of questions about StaalX and its revolutionary new =
services in the industry. Check out the most frequently asked questions abo=
ut the service and products of StaalX and we are always here to chat with y=
ou on the chat boxes from the site or on the support telephone number below=
.

https://staalx.com/faqs FAQs

Contact us
support@staalx.com or +1 (708) 697-3227
Follow StaalX On

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0px none #ffffff ;border-bottom:0px none #ffffff;">
            =09<div class=3D"zpelement-wrapper image" coupcmp id=3D"elm_159=
6451104787" prodcmp style=3D";word-wrap:break-word;overflow:hidden;padding:=
0px;background-color:#000000;">
=09=09=09<div>
=09=09        <table align=3D"left" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" class=3D"zpAlignPos" style=3D"font-size:12px;text-align:left;padd=
ing:0px;border:0px;border-collapse:collapse; mso-table-lspace:0pt; mso-tabl=
e-rspace:0pt;word-break:break-word;width:100%;text-align:left;">
                    <tbody><tr><td class=3D"bannerimgpad" style=3D"border:0=
px;padding:0px;text-align:center;padding-top:0px;padding-bottom:0px;padding=
-right:0px;padding-left:0px;">
=09=09=09<a href=3D"https://qprdy-zgph.maillist-manage.com/click.zc?m=3D1&m=
rd=3D1c08f772a30d6559&od=3D3zbbfd3107516e2747240afb213f83dea99f3114ab6bc113=
15f109b5f5525d0f45&linkDgs=3D1c08f772a30d5e25&repDgs=3D1c08f772a30d2b15" st=
yle=3D"text-decoration:underline;border:0px;" target=3D"_blank" zcurl_name=
=3D"l_1">
=09=09=09<img align=3D"left" alt=3D"https://campaign-image.com/zohocampaign=
s/133052000002540006_zc_v52_logo_bs_2.png" class=3D"zpImage" height=3D"auto=
" hspace=3D"0" size=3D"B" src=3D"https://campaign-image.com/zohocampaigns/7=
69016653/inkcanva_867215000002057608.png" style=3D"width:600px;height:autop=
x;max-width:600px !important;border:0px;text-align:left;" title vspace=3D"0=
" width=3D"600">
=09=09=09</a>
=09=09=09</td></tr>
=09=09=09<tr><td class=3D"txtsize" style=3D"border:0px;padding:0px;text-ali=
gn:left;margin:0px auto;" width=3D"600">
                <div class=3D"zpImageCaption" style=3D"text-align:center;ma=
rgin:0px auto;padding:0px;"></div>
=09=09=09</td></tr></tbody></table>
=09=09</div>
            </div>
            </td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1657495827067" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1657495827067" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:#ffffff;">
=09    =09<table bgcolor=3D"#ffffff" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"zpAlignPos" style=3D"font-size:12px;padding:0px;border:=
0px;border-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;wo=
rd-break:break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 10=
0%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;paddin=
g:7px 15px;line-height:19pt;border-top:0px none ;   border-bottom:0px none =
;padding-top:0px;padding-bottom:0px;padding-right:15px;padding-left:15px;">
             =09    =09=09<div componentbgcolor=3D"#ffffff" componentpaddin=
gbottom=3D"0px" componentpaddingleft=3D"15px" componentpaddingright=3D"15px=
" componentpaddingtop=3D"0px" style=3D"background-color: rgb(255, 255, 255)=
;"><p align=3D"center" style=3D"font-family:Arial,verdana;font-size:12px; c=
olor:#000000;padding:0px;margin: 0;line-height: 25pt; text-align: center;">=
<font face=3D"Arial, Helvetica" style=3D"font-size: 9pt;"><i>August 22, 202=
2&nbsp;</i></font></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1657637534899" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1657637534899" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D"font-size:12px;padding:0px;border:0px;border-collapse:=
collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;word-break:break-word;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;paddin=
g:7px 15px;line-height:25pt;border-top:0px none ;   border-bottom:0px none =
;padding-top:10px;padding-bottom:15px;padding-right:15px;padding-left:15px;=
">
             =09    =09=09<div componentlineheight=3D"25pt" componentpaddin=
gbottom=3D"15px" componentpaddingleft=3D"15px" componentpaddingright=3D"15p=
x" componentpaddingtop=3D"10px" style><p align=3D"left" style=3D"line-heigh=
t:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;m=
argin: 0;text-align: left; line-height: 25pt;"><font face=3D"Arial, Helveti=
ca" style=3D"font-size: 24pt; line-height: 25pt;"><b>News from the Market</=
b></font></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1584961354868" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

=09    =09<table bgcolor=3D"transparent" border=3D"0" cellpadding=3D"0" cel=
lspacing=3D"0" style=3D"font-size:12px;border:0px;padding:0px;width:100%;bo=
rder-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;word-bre=
ak:break-word;background-color:transparent;">
=09    <tbody><tr>
=09=09<td class=3D"txtsize" style=3D"border:0px;padding:0px 0px;border-top:=
none none none ;border-bottom:none none none;">
            =09<div class=3D"zpelement-wrapper image" coupcmp id=3D"elm_158=
4961354868" prodcmp style=3D";word-wrap:break-word;overflow:hidden;padding:=
0px;background-color:transparent;">
=09=09=09<div>
=09=09        <table align=3D"left" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" class=3D"zpAlignPos" style=3D"font-size:12px;text-align:left;widt=
h:100%;padding:0px;border:0px;border-collapse:collapse; mso-table-lspace:0p=
t; mso-table-rspace:0pt;word-break:break-word;width:100%;text-align:left;">
            =09=09<tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;=
padding:7px 15px;text-align:center;padding-top:7px;padding-bottom:7px;paddi=
ng-right:15px;padding-left:15px;">
=09=09=09<a href=3D"https://qprdy-zgph.maillist-manage.com/click.zc?m=3D1&m=
rd=3D1c08f772a30d6559&od=3D3zbbfd3107516e2747240afb213f83dea99f3114ab6bc113=
15f109b5f5525d0f45&linkDgs=3D1c08f772a30d5e27&repDgs=3D1c08f772a30d2b15" st=
yle=3D"text-decoration:underline;border:0px;" target=3D"_blank" zcurl_name=
=3D"l_2">
=09=09=09<img align=3D"left" alt=3D"https://campaign-image.com/zohocampaign=
s/867215000002682004_zc_v8_1659320042661_fredgraph.png" class=3D"zpImage" h=
eight=3D"auto" hspace=3D"0" size=3D"F" src=3D"https://campaign-image.com/zo=
hocampaigns/867215000002682004_zc_v5_1661051301876_staalx_listing_index.jpe=
g" style=3D"width:570px;height:autopx;max-width:570px !important;border:0px=
;text-align:left;" vspace=3D"0" width=3D"570">
=09=09=09</a>
=09=09=09</td></tr>
=09=09=09<tr><td class=3D"txtsize" style=3D"border:0px;padding:0px;text-ali=
gn:left;margin:0px auto;" width=3D"570">
                <div class=3D"zpImageCaption" style=3D"text-align:center;ma=
rgin:0px auto;padding:0px;"></div>
=09=09=09</td></tr></tbody></table>
=09=09</div>
            </div>
            </td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1657640776197" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1657640776197" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:#ffffff;">
=09    =09<table bgcolor=3D"#ffffff" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"zpAlignPos" style=3D"font-size:12px;padding:0px;border:=
0px;border-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;wo=
rd-break:break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 10=
0%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;paddin=
g:7px 15px;line-height:19pt;border-top:0px none ;   border-bottom:0px none =
;padding-top:15px;padding-bottom:10px;padding-right:15px;padding-left:15px;=
">
             =09    =09=09<div componentbgcolor=3D"#ffffff" componentpaddin=
gbottom=3D"10px" componentpaddingleft=3D"15px" componentpaddingright=3D"15p=
x" componentpaddingtop=3D"15px" style=3D"background-color: rgb(255, 255, 25=
5);"><p align=3D"left" style=3D"font-family:Arial,verdana;font-size:12px; c=
olor:#000000;padding:0px;margin: 0;line-height: 25pt; text-align: left;"><f=
ont face=3D"Arial, Helvetica" style=3D"font-size: 16pt;"><b></b></font></p>=
<span><p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;p=
adding:0px;margin: 0;line-height: 19pt; text-align: left;"><font color=3D"#=
333333" face=3D"Arial, Helvetica" style=3D"color: rgb(51, 51, 51);"><b styl=
e></b></font></p><p style=3D"font-family:Arial,verdana;font-size:12px; colo=
r:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left;"><font=
 color=3D"#333333" face=3D"Arial, Helvetica" style=3D"color: rgb(51, 51, 51=
);"><b style><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"col=
or: rgb(51, 51, 51); font-size: 16pt;"></font></b></font></p><span><p style=
=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;mar=
gin: 0;line-height: 19pt; text-align: left;"><font color=3D"#333333" face=
=3D"Arial, Helvetica" style=3D"color: rgb(51, 51, 51); font-size: 16pt;"><b=
><span><span></span></span></b></font></p><span><p style=3D"font-family:Ari=
al,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height:=
 19pt; text-align: left;"><font color=3D"#333333" face=3D"Arial, Helvetica"=
 style=3D"color: rgb(51, 51, 51); font-size: 16pt;"><b>Markets under pressu=
re</b></font></p><p style=3D"font-family:Arial,verdana;font-size:12px; colo=
r:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left;"><br><=
/p></span></span><p style=3D"margin: 0;padding: 0px;font-family:Arial, Helv=
etica, sans-serif; color:#000000;line-height:1.7;font-family:Arial,verdana;=
font-size:12px;padding:0px;"></p></span><p style=3D"font-family:Arial,verda=
na;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; t=
ext-align: left;"><font face=3D"Arial, Helvetica" style=3D"font-size: 16pt;=
"><b><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: =
12pt;color:#333333;"><font color=3D"#333333" face=3D"Arial, Helvetica" styl=
e=3D"font-size: 12pt;color:#333333;"><span></span></font></font></b></font>=
</p><p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;pad=
ding:0px;margin: 0;line-height: 19pt; text-align: left;"><font face=3D"Aria=
l, Helvetica" style=3D"font-size: 16pt;"><b><font color=3D"#333333" face=3D=
"Arial, Helvetica" style=3D"font-size: 12pt;color:#333333;"><font color=3D"=
#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#333333;"=
><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt=
;color:#333333;"><span></span></font></font></font></b></font></p><p style=
=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;mar=
gin: 0;line-height: 19pt; text-align: left;"><font face=3D"Arial, Helvetica=
" style=3D"font-size: 16pt;"><b><font color=3D"#333333" face=3D"Arial, Helv=
etica" style=3D"font-size: 12pt;color:#333333;"><font color=3D"#333333" fac=
e=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#333333;"><font color=
=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#3333=
33;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: =
12pt;color:#333333;"><span></span></font></font></font></font></b></font></=
p><p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;paddi=
ng:0px;margin: 0;line-height: 19pt; text-align: left;"><font face=3D"Arial,=
 Helvetica" style=3D"font-size: 16pt;"><b><font color=3D"#333333" face=3D"A=
rial, Helvetica" style=3D"font-size: 12pt;color:#333333;"><font color=3D"#3=
33333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#333333;"><=
font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;c=
olor:#333333;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#333333;"><span><span></span></span></font></font></fo=
nt></font></b></font></p><p style=3D"font-family:Arial,verdana;font-size:12=
px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left=
;"><font face=3D"Arial, Helvetica" style=3D"font-size: 16pt;"><b><font colo=
r=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#333=
333;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size:=
 12pt;color:#333333;"><font color=3D"#333333" face=3D"Arial, Helvetica" sty=
le=3D"font-size: 12pt;color:#333333;"><font color=3D"#333333" face=3D"Arial=
, Helvetica" style=3D"font-size: 12pt;color:#333333;">Future may be bright =
but short term outlook more gray</font></font></font></font></b></font></p>=
<p style=3D"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-serif=
; color:#000000;line-height:1.7;font-family:Arial,verdana;font-size:12px;pa=
dding:0px;"></p><p style=3D"margin: 0;padding: 0px;font-family:Arial, Helve=
tica, sans-serif; color:#000000;line-height:1.7;font-family:Arial,verdana;f=
ont-size:12px;padding:0px;"></p><p style=3D"margin: 0;padding: 0px;font-fam=
ily:Arial, Helvetica, sans-serif; color:#000000;line-height:1.7;font-family=
:Arial,verdana;font-size:12px;padding:0px;"></p><p style=3D"margin: 0;paddi=
ng: 0px;font-family:Arial, Helvetica, sans-serif; color:#000000;line-height=
:1.7;font-family:Arial,verdana;font-size:12px;padding:0px;"></p><p style=3D=
"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-serif; color:#00=
0000;line-height:1.7;font-family:Arial,verdana;font-size:12px;padding:0px;"=
></p><p style=3D"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-=
serif; color:#000000;line-height:1.7;font-family:Arial,verdana;font-size:12=
px;padding:0px;"></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1657637534902" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1657637534902" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D"font-size:12px;padding:0px;border:0px;border-collapse:=
collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;word-break:break-word;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;paddin=
g:7px 15px;line-height:17pt;border-top:0px none ;   border-bottom:0px none =
;padding-top:5px;padding-bottom:5px;padding-right:15px;padding-left:15px;">
             =09    =09=09<div componentlineheight=3D"17pt" componentpaddin=
gbottom=3D"5px" componentpaddingleft=3D"15px" componentpaddingright=3D"15px=
" componentpaddingtop=3D"5px" style><p align=3D"justify" style=3D"line-heig=
ht:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;=
margin: 0;text-align: justify; line-height: 17pt;"><font color=3D"#333333" =
face=3D"Arial, Helvetica" style=3D"color: rgb(51, 51, 51); font-size: 12pt;=
 line-height: 17pt;"><span style=3D"line-height: 17pt;"></span></font></p><=
p style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:=
#000000;padding:0px;margin: 0;text-align: left; line-height: 17pt;"><font c=
olor=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt; line-h=
eight: 17pt;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"fo=
nt-size: 12pt; line-height: 17pt;"></font></font></p><span><p style=3D"font=
-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;l=
ine-height: 19pt; text-align: left;"><font color=3D"#333333" face=3D"Arial,=
 Helvetica" style=3D"font-size: 12pt;color:#333333;"></font></p><span><p st=
yle=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;=
margin: 0;line-height: 19pt; text-align: left;"><font color=3D"#333333" fac=
e=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#333333;"></font></p>=
<span><span><font style=3D"font-size: 12pt;"></font></span><span><p style=
=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;mar=
gin: 0;line-height: 19pt; text-align: left;"><font color=3D"#333333" face=
=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#333333;"></font></p><=
/span><span><p style=3D"font-family:Arial,verdana;font-size:12px; color:#00=
0000;padding:0px;margin: 0;line-height: 19pt; text-align: left;"><font colo=
r=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#333=
333;"></font></p></span><span><p style=3D"font-family:Arial,verdana;font-si=
ze:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align:=
 left;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-siz=
e: 12pt;color:#333333;">The rule&nbsp;of thumb for commodity&nbsp;markets i=
s &quot;what goes up must come down&quot;.&nbsp; This is now also happening=
 to rebar markets.&nbsp; Even though the rebar market still enjoys historic=
ally high prices, prices have been sliding down steadily for the last three=
 months.&nbsp; While this is not pleasant by any means for rebar sellers, t=
he slide has been a lot more gentler than for some other products.&nbsp; Fo=
r example hot rolled coils and along with that all other derivatives of fla=
t rolled products, have been coming down harder, in larger steps from much =
higher heights.&nbsp;</font></p><p style=3D"font-family:Arial,verdana;font-=
size:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-alig=
n: left;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-s=
ize: 12pt;color:#333333;"><br></font></p><p style=3D"font-family:Arial,verd=
ana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; =
text-align: left;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=
=3D"font-size: 12pt;color:#333333;">The main culprit is the rise in interes=
t rates really slowed down the construction activity as financing large pro=
jects have been a lot more costly.&nbsp; Another big factor is that supply =
is finally catching up with demand and buyers still remain in inventory red=
uction mode to right size their inventory to the new demand levels.&nbsp; A=
s a result, most sellers feel that getting orders is like pulling teeth now=
adays.&nbsp;</font></p><p style=3D"font-family:Arial,verdana;font-size:12px=
; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left;"=
><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt=
;color:#333333;"><br></font></p><p style=3D"font-family:Arial,verdana;font-=
size:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-alig=
n: left;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-s=
ize: 12pt;color:#333333;">Wire rod mills too announced $40 / short ton decr=
eases last week, another evidence that the markets are a lot softer.&nbsp;&=
nbsp;</font></p><p style=3D"font-family:Arial,verdana;font-size:12px; color=
:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left;"><font =
color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:=
#333333;">&nbsp;<br></font></p><p style=3D"font-family:Arial,verdana;font-s=
ize:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align=
: left;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-si=
ze: 12pt;color:#333333;">Still not all the news were bad last week.&nbsp; P=
resident Biden signed another big spending bill under the &quot;Inflation R=
eduction Act of 2022&quot; giving a huge boost of renewal energy project fo=
r which all of them will use serious amount of steel in the coming years.&n=
bsp; Of course all these federally funded projects will need to use domesti=
c steel but as a sum, domestic producers and importers will both enjoy heal=
thy demand.&nbsp; Coupled with infrastructure spending, the new bill keeps =
the domestic producers busy, prices relatively high and the rest of the mar=
ket will need imports to keep up with the commercial projects and apparent =
demand.&nbsp;</font></p><p style=3D"font-family:Arial,verdana;font-size:12p=
x; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left;=
"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12p=
t;color:#333333;"><br></font></p><p style=3D"font-family:Arial,verdana;font=
-size:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-ali=
gn: left;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-=
size: 12pt;color:#333333;">But we won't see the effects of the boost until =
the earliest next year.&nbsp; For now, the market will have to go through s=
oft demand and downward trending prices.&nbsp;</font></p><p style=3D"font-f=
amily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;lin=
e-height: 19pt; text-align: left;"><font color=3D"#333333" face=3D"Arial, H=
elvetica" style=3D"font-size: 12pt;color:#333333;"><br></font></p><p style=
=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;mar=
gin: 0;line-height: 19pt; text-align: left;"><font color=3D"#333333" face=
=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#333333;">Although int=
ernational prices have been pushed up recently by higher scrap and energy p=
rices, demand has been weak and the increases look quite fragile.&nbsp; Off=
ers were in the mid 40's with only a few shipments being booked to go throu=
gh the Fall arrivals so far.&nbsp;</font></p><p style=3D"font-family:Arial,=
verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 19=
pt; text-align: left;"><font color=3D"#333333" face=3D"Arial, Helvetica" st=
yle=3D"font-size: 12pt;color:#333333;"><br></font></p><p style=3D"font-fami=
ly:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-h=
eight: 19pt; text-align: left;"><font color=3D"#333333" face=3D"Arial, Helv=
etica" style=3D"font-size: 12pt;color:#333333;">In the US Gulf spot prices =
dropped under $50 cwt.&nbsp; West Coast and Midwest prices are higher. Mexi=
can mills are offering $48-49 range for October deliveries in Texas.&nbsp;<=
/font></p><p style=3D"font-family:Arial,verdana;font-size:12px; color:#0000=
00;padding:0px;margin: 0;line-height: 19pt; text-align: left;"><font color=
=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#3333=
33;"><br></font></p><p style=3D"font-family:Arial,verdana;font-size:12px; c=
olor:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left;"><f=
ont color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;co=
lor:#333333;">StaalX Rebar listing index closed the week at $54.25 cwt, mod=
estly down from the previous week.&nbsp; For exact delivered prices visit S=
taalX and check out instant quotes for the size and grade you are looking f=
or.&nbsp;</font></p><p style=3D"font-family:Arial,verdana;font-size:12px; c=
olor:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left;"><f=
ont color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;co=
lor:#333333;"></font></p></span><p style=3D"font-family:Arial,verdana;font-=
size:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-alig=
n: left;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-s=
ize: 12pt;color:#333333;"></font></p></span><p style=3D"font-family:Arial,v=
erdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 19p=
t; text-align: left;"><font color=3D"#333333" face=3D"Arial, Helvetica" sty=
le=3D"font-size: 12pt;color:#333333;"></font></p></span><p style=3D"font-fa=
mily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line=
-height: 19pt; text-align: left;"><font color=3D"#333333" face=3D"Arial, He=
lvetica" style=3D"font-size: 12pt;color:#333333;"></font></p></span><font c=
olor=3D"#333333" face=3D"Arial, Helvetica" style=3D"font-size: 12pt; line-h=
eight: 17pt;"><p style=3D"line-height:1.7;font-family:Arial,verdana;font-si=
ze:12px; color:#000000;padding:0px;margin: 0;text-align: left; line-height:=
 17pt;"><font face=3D"Arial, Helvetica" style=3D"font-size: 12pt; line-heig=
ht: 17pt;"><font style=3D"line-height: 17pt;"></font></font></p></font><p s=
tyle=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px=
;margin: 0;line-height: 17pt;"></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1615281410381" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">






























=09=20

=09          <div class=3D"zpelement-wrapper spacebar" id=3D"elm_1615281410=
381" style=3D";word-wrap:break-word;overflow:hidden;background-color:#fffff=
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t: 100%;height:8px;" width=3D"100%">

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ont-size:5px;height:8px;border-top:none none none;border-bottom:none none n=
one;">

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ing:0px 0px;border-collapse:collapse;" valign=3D"top">

=09=09=09
=09=09 =09       =20
=09=09           =20
=09=09 =20



















=09<table bgcolor=3D"transparent" cellpadding=3D"0" cellspacing=3D"0" heigh=
t=3D"48" style=3D"font-size:12px;border:0px;border-collapse:collapse; mso-t=
able-lspace:0pt; mso-table-rspace:0pt;border:none;" width=3D"100%">
        <tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;padding:7p=
x 15px;border-top:none none none;border-bottom:none none none;padding-top:7=
px;padding-bottom:7px;padding-right:15px;padding-left:15px;">
        <div class=3D"zpelement-wrapper buttonElem" id=3D"elm_1657637534906=
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=09    <div class=3D"zpAlignPos" style=3D"text-align:center;">
                <table align=3D"center" cellpadding=3D"0" cellspacing=3D"0"=
 style=3D"font-size:12px;border:none;padding:0px;border:0px;margin:0px auto=
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                <tbody><tr>
                   <td align=3D"center" class=3D"txtsize" style=3D"border:0=
px;padding:0px;color:#ffffff;font-family:Arial;text-align:center;border-rad=
ius:4px;text-align:center;cursor:pointer;">
                         <!--[if mso]>
=09=09=09=09=09          <v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:=
vml" xmlns:w=3D"urn:schemas-microsoft-com:office:word" href=3D"https://qprd=
y-zgph.maillist-manage.com/click.zc?m=3D1&mrd=3D1c08f772a30d6559&od=3D3zbbf=
d3107516e2747240afb213f83dea99f3114ab6bc11315f109b5f5525d0f45&linkDgs=3D1c0=
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                     =09=09   Go to StaalX.com
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k-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background=
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font-size: 0px; width: 100%; margin: auto;" width=3D"100%"> <tbody><tr><td =
align=3D"center" border-size=3D"1px" height=3D"0" style=3D"border:0px;paddi=
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ak:break-word;background-color:transparent;">
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padding:7px 15px;text-align:center;padding-top:7px;padding-bottom:7px;paddi=
ng-right:15px;padding-left:15px;">
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rd=3D1c08f772a30d6559&od=3D3zbbfd3107516e2747240afb213f83dea99f3114ab6bc113=
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=09=09=09<img align=3D"center" alt=3D"https://campaign-image.com/zohocampai=
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ing:0px 0px;border-collapse:collapse;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1651460503351" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D"font-size:12px;padding:0px;border:0px;border-collapse:=
collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;word-break:break-word;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;paddin=
g:7px 15px;line-height:25pt;border-top:0px none ;   border-bottom:0px none =
;padding-top:5px;padding-bottom:5px;padding-right:15px;padding-left:15px;">
             =09    =09=09<div componentlineheight=3D"25pt" componentpaddin=
gbottom=3D"5px" componentpaddingleft=3D"15px" componentpaddingright=3D"15px=
" componentpaddingtop=3D"5px" style><p align=3D"left" style=3D"line-height:=
1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;mar=
gin: 0;text-align: left; line-height: 25pt;"><font face=3D"Arial, Helvetica=
" style=3D"font-size: 16pt; line-height: 25pt;"><b>From our content partner=
, SteelOrbis</b></font></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1651460503353" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1651460503353" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D"font-size:12px;padding:0px;border:0px;border-collapse:=
collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;word-break:break-word;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;paddin=
g:7px 15px;line-height:17pt;border-top:0px none ;   border-bottom:0px none =
;padding-top:7px;padding-bottom:7px;padding-right:15px;padding-left:15px;">
             =09    =09=09<div componentlineheight=3D"17pt" style><div><spa=
n><font style=3D"font-size: 12pt;"><b></b></font></span></div><span><font s=
tyle=3D"font-size: 12pt;"><b>US rebar market continues to soften</b></font>=
</span><div><span><font style=3D"font-size: 12pt;"><br></font></span></div>=
<div><span><font style=3D"font-size: 12pt;">Wednesday, 17 August 2022 20:09=
:33 (GMT+3) | San Diego&nbsp;</font></span></div><div><span><font style=3D"=
font-size: 12pt;"><br></font></span></div><div><span><font style=3D"font-si=
ze: 12pt;">Although some in the US domestic rebar market think spot prices =
might be nearing their bottom, others say prices have &quot;a bit to go,&qu=
ot; evidenced by the quiet price decreases sources report from mills. In th=
e absence of a formal price decrease announcement, sources say mills are qu=
ietly lowering prices, partially to compete with low import offers, but als=
o as a reflection of seasonally slower demand. Once the market &quot;return=
s from vacation,&quot; as sources say, increased buying activity could slow=
 the rebar price decline.&nbsp;</font></span></div><div><span><font style=
=3D"font-size: 12pt;"><br></font></span></div><div><span><font style=3D"fon=
t-size: 12pt;">For now, US domestic rebar spot prices are now in the range =
of $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) ex-mill in the M=
idwest, and $50.50-$51.50 cwt. ($1,113-$1,135/mt or $1,010-$1,030/nt) ex-mi=
ll on the East coast, reflecting a drop of $1.00 cwt. ($22/mt or $20/nt) in=
 the last week.</font></span><div><br></div><span><font style=3D"font-size:=
 12pt;"><div style><span><font style=3D"font-size: 12pt;"><span><b></b></sp=
an></font></span></div><span><b>US domestic wire rod prices soften after mi=
ll announcement&nbsp;</b></span></font></span><div><span><font style=3D"fon=
t-size: 12pt;"><span><br></span></font></span></div><div><span><font style=
=3D"font-size: 12pt;"><span>Friday, 19 August 2022 23:56:20 (GMT+3) | San D=
iego&nbsp;</span></font></span></div><div><span><font style=3D"font-size: 1=
2pt;"><span><br></span></font></span></div><div><span><font style=3D"font-s=
ize: 12pt;"><span>After Nucor announced a $2.00 cwt. ($44/mt or $40/nt) pri=
ce decrease for wire rod earlier this week, some sources said that once aga=
in, the move was more of a &quot;cover&quot; for recent price downticks rat=
her than an attempt to pull down market prices. But other sources say US do=
mestic wire rod mills are currently hungry for orders and not content to wa=
it until demand starts to pick up.&nbsp;</span></font></span></div><div><sp=
an><font style=3D"font-size: 12pt;"><span><br></span></font></span></div><d=
iv><span><font style=3D"font-size: 12pt;"><span>Either way, spot prices are=
 down about $1.00 cwt. ($22/mt or $20/nt) since the announcement, with the =
rest of the amount expected to show in spot prices by next week. US domesti=
c wire rod spot prices are now at $52.00-$53.00 cwt. ($1,146-$1,169/mt or $=
1,040-$1,060/nt) ex-mill.</span><div style><br></div><div style><span><font=
 style=3D"font-size: 12pt;"><span><b></b></span></font></span></div><span><=
b>US scrap prices expected to hold sideways in September&nbsp;</b></span></=
font></span></div><div><span><font style=3D"font-size: 12pt;"><span><br></s=
pan></font></span></div><div><span><font style=3D"font-size: 12pt;"><span>W=
ednesday, 17 August 2022 23:16:39 (GMT+3) | San Diego&nbsp;</span></font></=
span></div><div><span><font style=3D"font-size: 12pt;"><span><br></span></f=
ont></span></div><div><span><font style=3D"font-size: 12pt;"><span>Although=
 scrap market players' predictions for September are largely varied, the pr=
evailing suspicion is that prices will hold at sideways. The rationale behi=
nd this thinking is linked to several factors, such as still stable (yet re=
latively unexciting) scrap cargo sales prices into Turkey, slowed scrap inf=
lows into domestic scrap yards (due to seasonal factors and soft peddler pr=
ices), and the fact that mills aren't expected to make large volume buys du=
ring next month's cycle.&nbsp;</span></font></span></div><div><span><font s=
tyle=3D"font-size: 12pt;"><span><br></span></font></span></div><div><span><=
font style=3D"font-size: 12pt;"><span>&quot;On one hand, [scrap] inflows ha=
ve slowed down based on what happened with pricing this month,&quot; a sour=
ce said, noting that in most places, cuts and shred were down $20-$30/gt, a=
nd busheling fell by an astonishing $70/gt. &quot;On the other hand, there'=
s some [production] outages that are coming up and I don't think the mills =
are going to be buying a ton of scrap.&nbsp;</span></font></span></div><div=
><span><font style=3D"font-size: 12pt;"><span><br></span></font></span></di=
v><div><span><font style=3D"font-size: 12pt;"><span>&quot;I think it's goin=
g to be a wash.&quot;
Another source said that he too is guessing that September will be sideways=
.&nbsp;</span></font></span></div><div><span><font style=3D"font-size: 12pt=
;"><span><br></span></font></span></div><div><span><font style=3D"font-size=
: 12pt;"><span>&quot;It really seems like we're bouncing along the bottom,&=
quot; a third source said, adding that while he thinks that prices could co=
me up modestly next month, that order books need to strengthen and the stee=
l market needs to get a bit of tension in it before scrap prices can start =
to firm.&nbsp;</span></font></span></div><div><span><font style=3D"font-siz=
e: 12pt;"><span><br></span></font></span></div><div><span><font style=3D"fo=
nt-size: 12pt;"><span>Others feel that prices could come up or trend down.
For example, a fourth source said he believes that the market will trend at=
 strong sideways (and that primes could firm by as much as $30/gt next mont=
h) whereas a fifth source said he thinks that primes will hold sideways, an=
d that cuts and shred could come down by $20/gt.&nbsp;</span></font></span>=
</div><div><span><font style=3D"font-size: 12pt;"><span><br></span></font><=
/span></div><div><span><font style=3D"font-size: 12pt;"><span>&quot;I don't=
 think there is any question that consumers will raise [busheling] prices t=
o stop it from [being thrown into the shredder, since shredded prices are c=
urrently at or slightly above prime grade scrap prices],&quot; the fourth s=
ource said. &quot;So I think bush will need to move up $30/gt for September=
, and if not they will be scrambling [for prime grade scrap] by October. Sh=
red should be sideways as volumes have slowed down at the yards. My my gues=
s is a strong sideways.&quot;</span></font></span></div><div><span style=3D=
"font-size: 16px;"><br></span></div><div><span style=3D"font-size: 16px;"><=
span>The fifth source said that while he agrees that the price spread betwe=
en shredded and busheling scrap needs to re normalize, he suspects that wil=
l happen by shredded prices coming down.
I think we all agree that primes will trade higher than [secondary grades] =
over the next 1-2 months,&quot; he said. &quot;But will t be done with prim=
es increasing [and secondaries staying sideways] or secondaries decreasing?=
 I don't see much justification for primes to increase [in September.] I'm =
thinking down $20/gt on [secondary grades.] I think the only way his normal=
izes is with obsolete grades falling.&quot;&nbsp;</span></span></div><div><=
span style=3D"font-size: 16px;"><span><br></span></span></div><div><span st=
yle=3D"font-size: 16px;"><span>Additional clarity is expected by the end of=
 next week.</span></span></div></div></div>
=09=09=09</td></tr>
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       =09  </div>
</td></tr>
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ing:0px 0px;border-collapse:collapse;" valign=3D"top">

=09=09
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=09=09=09 <table bgcolor border=3D"0" cellpadding=3D"0" cellspacing=3D"0" c=
lass=3D"zpAlignPos" style=3D"padding:0px;border:0px;border-collapse:collaps=
e; mso-table-lspace:0pt;font-size:5px; mso-table-rspace:0pt;word-break:brea=
k-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background=
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margin:0px;padding:0px;text-align:center;"><table align=3D"center" border=
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font-size: 0px; width: 100%; margin: auto;" width=3D"100%"> <tbody><tr><td =
align=3D"center" border-size=3D"1px" height=3D"0" style=3D"border:0px;paddi=
ng:7px;border-style: dotted none none; border-color: rgb(155, 171, 171); fo=
nt-size: 0px; margin: 0px; padding: 0px; width: 100%; border-top-width: 1px=
;" width=3D"100%">       </td> </tr></tbody></table></div>
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ing:0px 0px;border-collapse:collapse;" valign=3D"top">

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in:0px;">
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0" style=3D"font-size:12px;border:0px;padding:0px;border-collapse:collapse;=
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nsparent;" width=3D"100%">
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ce:0pt;word-break:break-word;" width=3D"100%">
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=09    =09<table bgcolor=3D"transparent" border=3D"0" cellpadding=3D"0" cel=
lspacing=3D"0" style=3D"font-size:12px;border:0px;padding:0px;width:100%;bo=
rder-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;word-bre=
ak:break-word;background-color:transparent;">
=09    <tbody><tr>
=09=09<td class=3D"txtsize" style=3D"border:0px;padding:0px 0px;border-top:=
0px none #ffffff ;border-bottom:0px none #ffffff;">
            =09<div class=3D"zpelement-wrapper image" coupcmp id=3D"elm_165=
9317637866" prodcmp style=3D";word-wrap:break-word;overflow:hidden;padding:=
0px;background-color:transparent;">
=09=09=09<div>
=09=09        <table align=3D"left" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" class=3D"zpAlignPos" style=3D"font-size:12px;text-align:left;widt=
h:100%;padding:0px;border:0px;border-collapse:collapse; mso-table-lspace:0p=
t; mso-table-rspace:0pt;word-break:break-word;width:100%;text-align:left;">
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padding:7px 15px;text-align:center;padding-top:56px;padding-bottom:7px;padd=
ing-right:15px;padding-left:15px;">
=09=09=09<a href=3D"https://qprdy-zgph.maillist-manage.com/click.zc?m=3D1&m=
rd=3D1c08f772a30d6559&od=3D3zbbfd3107516e2747240afb213f83dea99f3114ab6bc113=
15f109b5f5525d0f45&linkDgs=3D1c08f772a30d5e2d&repDgs=3D1c08f772a30d2b15" st=
yle=3D"text-decoration:underline;border:0px;" target=3D"_blank" zcurl_name=
=3D"l_5">
=09=09=09<img align=3D"left" alt=3D"https://campaign-image.com/zohocampaign=
s/769016653/inkcanva_867215000002375184.png" class=3D"zpImage" height=3D"au=
to" hspace=3D"0" size=3D"F" src=3D"https://campaign-image.com/zohocampaigns=
/769016653/inkcanva_867215000002375184.png" style=3D"width:270px;height:aut=
opx;max-width:360px !important;border:0px;text-align:left;" title=3D"Murat =
Askin, Founder and CEO" vspace=3D"0" width=3D"270">
=09=09=09</a>
=09=09=09</td></tr>
=09=09=09<tr><td class=3D"txtsize" style=3D"border:0px;padding:0px;text-ali=
gn:left;margin:0px auto;" width=3D"270">
                <div class=3D"zpImageCaption" style=3D"text-align:center;ma=
rgin:0px auto;padding:0px;"></div>
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=09=09</div>
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=09=09                    </div>=20
=09=09    </td></tr></tbody></table>
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            <![endif]-->
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ns-serif;border:0px;padding:0px 0px;" align=3D"left" width=3D" 50.0%" valig=
n=3D"top">
=09            <![endif]-->        =20
=09=09=09=09  <table align=3D"left" cellpadding=3D"0" cellspacing=3D"0" cla=
ss=3D"cols" style=3D"font-size:12px;max-width:300.0px;width:100%;border:0px=
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ce:0pt;word-break:break-word;" width=3D"100%">
=09=09=09=09<tbody><tr>
=09=09                <td class=3D"txtsize" style=3D"border:0px;padding:0px=
;" valign=3D"top">
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=3D"pos_1659317637740" style=3D"padding:0px;">

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=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D"font-size:12px;padding:0px;border:0px;border-collapse:=
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-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
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g:7px 15px;line-height:19pt;border-top:0px none ;   border-bottom:0px none =
;padding-top:7px;padding-bottom:7px;padding-right:15px;padding-left:15px;">
             =09    =09=09<div style><p style=3D"font-family:Arial,verdana;=
font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text=
-align: left;"><span style=3D"color: rgb(51, 51, 51); font-family: Arial, H=
elvetica; background-color: rgba(0, 0, 0, 0);"><font style=3D"font-size: 16=
pt;"><b>Perspectives from StaalX Founder and CEO</b></font></span></p><p st=
yle=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;=
margin: 0;line-height: 19pt; text-align: left;"><span style=3D"background-c=
olor: rgba(0, 0, 0, 0); color: rgb(51, 51, 51); font-family: Arial, Helveti=
ca; font-size: 12pt;">In this second article in the intimate series, Murat =
Askin talks about the ups and downs of steel trading industry and the genes=
is of ideas that created StaalX.&nbsp;&nbsp;</span><br></p><p style=3D"font=
-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;l=
ine-height: 19pt; text-align: left;"><span style=3D"background-color: rgba(=
0, 0, 0, 0); color: rgb(51, 51, 51); font-family: Arial, Helvetica; font-si=
ze: 12pt;"><br></span></p><p style=3D"font-family:Arial,verdana;font-size:1=
2px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: lef=
t;"><span style=3D"background-color: rgba(0, 0, 0, 0); color: rgb(51, 51, 5=
1); font-family: Arial, Helvetica; font-size: 12pt;"><a alt=3D"Article III:=
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ist-manage.com/click.zc?m=3D1&mrd=3D1c08f772a30d6559&od=3D3zbbfd3107516e274=
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ration:underline;" target=3D"_blank" title=3D"Article III:&nbsp;Start walki=
ng, the path will appear" zcurl_name=3D"l_6"><font color=3D"#0001ee" style=
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r</b></font></a></span></p><p style=3D"font-family:Arial,verdana;font-size:=
12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: le=
ft;"><br></p><p style=3D"font-family:Arial,verdana;font-size:12px; color:#0=
00000;padding:0px;margin: 0;line-height: 19pt; text-align: left;"><a alt=3D=
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gph.maillist-manage.com/click.zc?m=3D1&mrd=3D1c08f772a30d6559&od=3D3zbbfd31=
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ackground-color: transparent;" target=3D"_blank" title=3D"Article II: Tradi=
ng Companies are like Crocodiles" zcurl_name=3D"l_7"><font color=3D"#333333=
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s&nbsp;</font></a><br></p><p style=3D"font-family:Arial,verdana;font-size:1=
2px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: lef=
t;"><br></p><p style=3D"font-family:Arial,verdana;font-size:12px; color:#00=
0000;padding:0px;margin: 0;line-height: 19pt; text-align: left;"><a alt=3D"=
SteelVillage.com -&nbsp;The beginning of chasing my dreams" href=3D"https:/=
/qprdy-zgph.maillist-manage.com/click.zc?m=3D1&mrd=3D1c08f772a30d6559&od=3D=
3zbbfd3107516e2747240afb213f83dea99f3114ab6bc11315f109b5f5525d0f45&linkDgs=
=3D1c08f772a30d5e33&repDgs=3D1c08f772a30d2b15" rel=3D"noopener noreferrer" =
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b(68, 67, 67);" target=3D"_blank" title=3D"SteelVillage.com -&nbsp;The begi=
nning of chasing my dreams" zcurl_name=3D"l_8"><font color=3D"#444343" styl=
e=3D"font-size: 12pt;">Article I: SteelVillage.com -&nbsp;The beginning of =
chasing my dreams</font></a><br></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
=09=09                    </div>=20
=09=09    </td></tr></tbody></table>
=09=09    <!--[if (gte mso 9)|(IE)]>
                      </td>
            <![endif]-->
=09=09 <!--[if (gte mso 9)|(IE)]>
                      </tr></tbody></table>
            <![endif]-->
=09=09</td>
=09    </tr>
=09    </tbody></table>
            </div></div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1657641222441" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

=09=09
=09=09=09 <div class=3D"zpelement-wrapper divider" id=3D"elm_1657641222441"=
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=09=09=09 <table bgcolor border=3D"0" cellpadding=3D"0" cellspacing=3D"0" c=
lass=3D"zpAlignPos" style=3D"padding:0px;border:0px;border-collapse:collaps=
e; mso-table-lspace:0pt;font-size:5px; mso-table-rspace:0pt;word-break:brea=
k-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background=
-color:;" width=3D"100%">
=09=09=09 <tbody><tr><td class=3D"txtsize" style=3D"border:0px;padding:18px=
 7px 18px 7px;border-collapse:collapse;">
=09=09=09=09=09<div class=3D"divider" componentborder=3D"#9babab" style=3D"=
margin:0px;padding:0px;text-align:center;"><table align=3D"center" border=
=3D"0" border-color=3D"#9babab" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"dvdrtbl" style=3D"border-collapse:collapse;font-size:12px;border: 0px; =
font-size: 0px; width: 100%; margin: auto;" width=3D"100%"> <tbody><tr><td =
align=3D"center" border-size=3D"1px" height=3D"0" style=3D"border:0px;paddi=
ng:7px;border-style: dotted none none; border-color: rgb(155, 171, 171); fo=
nt-size: 0px; margin: 0px; padding: 0px; width: 100%; border-top-width: 1px=
;" width=3D"100%">       </td> </tr></tbody></table></div>
=09=09=09</td></tr></tbody></table>
=09=09=09</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1584962662211" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1584962662211" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:#ffffff;">
=09    =09<table bgcolor=3D"#ffffff" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"zpAlignPos" style=3D"font-size:12px;padding:0px;border:=
0px;border-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;wo=
rd-break:break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 10=
0%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;paddin=
g:7px 15px;line-height:25pt;border-top:0px none ;   border-bottom:0px none =
;padding-top:5px;padding-bottom:5px;padding-right:30px;padding-left:30px;">
             =09    =09=09<div componentbgcolor=3D"#ffffff" componentlinehe=
ight=3D"25pt" componentpaddingbottom=3D"5px" componentpaddingleft=3D"30px" =
componentpaddingright=3D"30px" componentpaddingtop=3D"5px" style=3D"backgro=
und-color: rgb(255, 255, 255);"><p style=3D"font-family:Arial,verdana;font-=
size:12px; color:#000000;padding:0px;margin: 0;line-height: 25pt;"><font co=
lor=3D"#292929" face=3D"Arial, Helvetica" style=3D"font-size: 20pt; line-he=
ight: 25pt;"><b style><span style=3D"line-height: 25pt;"></span></b></font>=
</p><h2 style=3D"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-=
serif; color:#000000;color:#000000; font-weight:normal;font-family:Arial,ve=
rdana,Helvetica, sans-serif; color:#000000;font-size: 26px;"><font face=3D"=
Arial, Helvetica" style=3D"line-height: 25pt;"><b><font style=3D"line-heigh=
t: 25pt;"><font style=3D"font-size: 16pt; line-height: 25pt;"><span><b>Staa=
lX at the SMU Steel Summit 2022</b></span></font></font></b></font></h2><p =
style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0p=
x;margin: 0;line-height: 25pt;"></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1657643168282" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

=09    =09<table bgcolor=3D"transparent" border=3D"0" cellpadding=3D"0" cel=
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=09=09=09<div>
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            =09=09<tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;=
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=09=09=09<img align=3D"left" alt=3D"https://campaign-image.com/zohocampaign=
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pace=3D"0" width=3D"570">
=09=09=09</td></tr>
=09=09=09<tr><td class=3D"txtsize" style=3D"border:0px;padding:0px;text-ali=
gn:left;margin:0px auto;" width=3D"570">
                <div class=3D"zpImageCaption" style=3D"text-align:center;ma=
rgin:0px auto;padding:0px;"></div>
=09=09=09</td></tr></tbody></table>
=09=09</div>
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</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1585058237848" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1585058237848" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
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=09    =09<table bgcolor=3D"#ffffff" border=3D"0" cellpadding=3D"0" cellspa=
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rd-break:break-word;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 10=
0%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border:0px;paddin=
g:7px 15px;line-height:17pt;border-top:0px none ;   border-bottom:0px none =
;padding-top:5px;padding-bottom:5px;padding-right:30px;padding-left:30px;">
             =09    =09=09<div componentbgcolor=3D"#ffffff" componentlinehe=
ight=3D"17pt" componentpaddingbottom=3D"5px" componentpaddingleft=3D"30px" =
componentpaddingright=3D"30px" componentpaddingtop=3D"5px" style=3D"backgro=
und-color: rgb(255, 255, 255);"><p style=3D"font-family:Arial,verdana;font-=
size:12px; color:#000000;padding:0px;margin: 0;line-height: 17pt;"><span st=
yle=3D"line-height: 17pt;">

</span></p><p style=3D"line-height:1.7;font-family:Arial,verdana;font-size:=
12px; color:#000000;padding:0px;margin: 0px; padding: 0px; box-sizing: bord=
er-box; font-style: normal; font-variant-ligatures: normal; font-variant-ca=
ps: normal; font-weight: 400; orphans: 2; text-align: left; text-indent: 0p=
x; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;=
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an style=3D"font-size: 12pt; line-height: 17pt;"></span></font></span></p><=
span style=3D"line-height: 17pt;"><p style=3D"line-height:1.7;font-family:A=
rial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align=
: left; line-height: 17pt;"><span style=3D"font-family: Arial, Helvetica; l=
ine-height: 17pt;"><b><font style=3D"font-size: 12pt; line-height: 17pt;"><=
/font></b></span></p><span><p align=3D"left" style=3D"font-family:Arial,ver=
dana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt;=
 text-align: left;"><font color=3D"#333333" face=3D"Arial, Helvetica" style=
=3D"font-size: 12pt;color:#333333;"><b><font></font></b></font></p><p align=
=3D"left" style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;=
padding:0px;margin: 0;line-height: 19pt; text-align: left;"><span style=3D"=
color: rgb(51, 51, 51); font-size: 12pt; font-family: Arial, Helvetica;"></=
span></p><span><font style=3D"font-size: 12pt;"><span>Our founder and CEO,<=
span>&nbsp;</span></span><a data-attribute-index=3D"0" data-entity-hovercar=
d-id=3D"urn:li:fs_miniProfile:ACoAAAHMv60BzP3fXUmVx14aTs0nLIHsSWVSZng" data=
-entity-type=3D"MINI_PROFILE" href=3D"https://qprdy-zgph.maillist-manage.co=
m/click.zc?m=3D1&mrd=3D1c08f772a30d6559&od=3D3zbbfd3107516e2747240afb213f83=
dea99f3114ab6bc11315f109b5f5525d0f45&linkDgs=3D1c08f772a30d5e35&repDgs=3D1c=
08f772a30d2b15" rel=3D"noopener noreferrer" style=3D"text-decoration:underl=
ine;" target=3D"_blank" zcurl_name=3D"l_9">Murat Askin</a><span><span>&nbsp=
;</span>will be a panelist at SMU Steel Summit. He will share his knowledge=
 and expertise on the challenges with supply chain issues, emerging technol=
ogies that can impact steel trading, tariffs, and political uncertainty imp=
acted the flow of steel around the world and specifically into North Americ=
a.</span></font></span></span></span></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1658713529917" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

=09=09
=09=09=09 <div class=3D"zpelement-wrapper divider" id=3D"elm_1658713529917"=
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=09=09=09 <table bgcolor border=3D"0" cellpadding=3D"0" cellspacing=3D"0" c=
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-color:;" width=3D"100%">
=09=09=09 <tbody><tr><td class=3D"txtsize" style=3D"border:0px;padding:18px=
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=09=09=09=09=09<div class=3D"divider" componentborder=3D"#9babab" style=3D"=
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=3D"0" border-color=3D"#9babab" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"dvdrtbl" style=3D"border-collapse:collapse;font-size:12px;border: 0px; =
font-size: 0px; width: 100%; margin: auto;" width=3D"100%"> <tbody><tr><td =
align=3D"center" border-size=3D"1px" height=3D"0" style=3D"border:0px;paddi=
ng:7px;border-style: dotted none none; border-color: rgb(155, 171, 171); fo=
nt-size: 0px; margin: 0px; padding: 0px; width: 100%; border-top-width: 1px=
;" width=3D"100%">       </td> </tr></tbody></table></div>
=09=09=09</td></tr></tbody></table>
=09=09=09</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1615281525885" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">






























=09=20

=09          <div class=3D"zpelement-wrapper spacebar" id=3D"elm_1615281525=
885" style=3D";word-wrap:break-word;overflow:hidden;background-color:#fffff=
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=09=09=09=09=09
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t: 100%;height:8px;" width=3D"100%">

=09                        <tbody><tr><td style=3D"padding:0px;border:0px;f=
ont-size:5px;height:8px;border-top:none none none;border-bottom:none none n=
one;">

=09                        &nbsp;&nbsp;&nbsp;

=09                        </td></tr>

=09                </tbody></table>

=09          </div>

</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1584962826853" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1584962826853" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:#ffffff;">
=09    =09<table bgcolor=3D"#ffffff" border=3D"0" cellpadding=3D"0" cellspa=
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0%;" width=3D"100%">
=09  =09
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g:7px 15px;line-height:25pt;border-top:0px none ;   border-bottom:0px none =
;padding-top:5px;padding-bottom:5px;padding-right:30px;padding-left:30px;">
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yle=3D"line-height: 25pt;">

</span></p><p style=3D"line-height:1.7;font-family:Arial,verdana;font-size:=
12px; color:#000000;padding:0px;margin: 0px; padding: 0px; box-sizing: bord=
er-box; font-family: Arial, verdana; color: rgb(0, 0, 0); font-size: 12px; =
font-style: normal; font-variant-ligatures: normal; font-variant-caps: norm=
al; font-weight: 400; orphans: 2; text-align: left; text-indent: 0px; text-=
transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit=
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lor: initial; background-color: rgb(255, 255, 255); line-height: 25pt;"><fo=
nt style=3D"margin: 0px; padding: 0px; box-sizing: border-box; line-height:=
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ding: 0px; box-sizing: border-box;"></b></font></span></font></p><font colo=
r=3D"#353535" face=3D"Arial, Helvetica" style=3D"font-size: 15pt; line-heig=
ht: 25pt;"><b>

</b></font><p style=3D"line-height:1.7;font-family:Arial,verdana;font-size:=
12px; color:#000000;padding:0px;margin: 0px; padding: 0px; box-sizing: bord=
er-box; font-style: normal; font-variant-ligatures: normal; font-variant-ca=
ps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform:=
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ke-width: 0px; background-color: rgb(255, 255, 255); text-decoration-style:=
 initial; text-decoration-color: initial; line-height: 25pt;"><font style=
=3D"margin: 0px; padding: 0px; box-sizing: border-box; line-height: 25pt;">=
<b style=3D"margin: 0px; padding: 0px; box-sizing: border-box;"><font color=
=3D"#353535" face=3D"Arial, Helvetica" style=3D"font-size: 15pt; line-heigh=
t: 25pt;"></font></b></font></p><h4 style=3D"margin: 0;padding: 0px;font-fa=
mily:Arial, Helvetica, sans-serif; color:#000000;color:#000000; font-weight=
:normal;font-family:Arial,verdana,Helvetica, sans-serif; color:#000000;font=
-size: 22px;"><font face=3D"Arial, Helvetica"><span style=3D"font-size: 21.=
3333px;"><b>Do you have any questions?&nbsp; Check out our FAQ</b></span></=
font></h4><p style=3D"font-family:Arial,verdana;font-size:12px; color:#0000=
00;padding:0px;margin: 0;line-height: 25pt;"></p>

<p style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color=
:#000000;padding:0px;margin: 0px; padding: 0px; box-sizing: border-box; fon=
t-family: Arial, verdana; color: rgb(0, 0, 0); font-size: 12px; font-style:=
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none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-strok=
e-width: 0px; text-decoration-style: initial; text-decoration-color: initia=
l; background-color: rgb(255, 255, 255); line-height: 25pt;"><font size=3D"=
5" style=3D"margin: 0px; padding: 0px; box-sizing: border-box; line-height:=
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ine-height: 25pt;"><font style=3D"margin: 0px; padding: 0px; box-sizing: bo=
rder-box; font-size: 12pt; line-height: 25pt;"></font></span></font></p>

<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height: 25pt;"></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1657643517507" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1657643517507" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:#ffffff;">
=09    =09<table bgcolor=3D"#ffffff" border=3D"0" cellpadding=3D"0" cellspa=
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0%;" width=3D"100%">
=09  =09
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g:7px 15px;line-height:17pt;border-top:0px none ;   border-bottom:0px none =
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und-color: rgb(255, 255, 255);"><p style=3D"font-family:Arial,verdana;font-=
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yle=3D"line-height: 17pt;">

</span></p><p style=3D"line-height:1.7;font-family:Arial,verdana;font-size:=
12px; color:#000000;padding:0px;margin: 0px; padding: 0px; box-sizing: bord=
er-box; font-family: Arial, verdana; color: rgb(0, 0, 0); font-size: 12px; =
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><span style=3D"line-height: 17pt;"><font color=3D"#4c4c4c" face=3D"Arial, =
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</font><p style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px=
; color:#000000;padding:0px;margin: 0px; padding: 0px; box-sizing: border-b=
ox; font-style: normal; font-variant-ligatures: normal; font-variant-caps: =
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ght: 17pt;"><font style=3D"font-size: 12pt; line-height: 17pt;"><span style=
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eight: 17pt;"></span></span></span></span></span></span></font></span><span=
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e=3D"line-height: 17pt;"><span style=3D"line-height: 17pt;"><span style=3D"=
line-height: 17pt;"><span style=3D"line-height: 17pt;"></span></span><span =
style=3D"line-height: 17pt;"></span></span></span></span></span></font></p>=
<h4 style=3D"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-seri=
f; color:#000000;color:#000000; font-weight:normal;font-family:Arial,verdan=
a,Helvetica, sans-serif; color:#000000;font-size: 22px;"><span style=3D"col=
or: rgb(51, 51, 51); font-size: 12pt; font-family: Arial, Helvetica; line-h=
eight: 17pt;"><span style=3D"line-height: 17pt;"></span></span></h4><h4 sty=
le=3D"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-serif; colo=
r:#000000;color:#000000; font-weight:normal;font-family:Arial,verdana,Helve=
tica, sans-serif; color:#000000;font-size: 22px;"><font color=3D"#333333" f=
ace=3D"Arial, Helvetica"><span style=3D"font-size: 16px;">We know you have =
a lot of questions about StaalX and its revolutionary new services in the i=
ndustry.&nbsp; Check out the most frequently asked questions about the serv=
ice and products of StaalX and we are always here to chat with you on the c=
hat boxes from the site or on the support telephone number below.&nbsp;</sp=
an></font></h4></span><p style=3D"font-family:Arial,verdana;font-size:12px;=
 color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left;">=
<br></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1657641547032" style=3D"border:0px;padd=
ing:0px 0px;border-collapse:collapse;" valign=3D"top">

=09=09=09
=09=09 =09       =20
=09=09           =20
=09=09 =20



















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e;border: none;" width><tbody><tr><td align=3D"center" name=3D"sclwdgtimges=
" style=3D"border: none;padding: 0px;margin: 0px;padding-bottom: 6px;" vali=
gn=3D"middle"> <a href=3D"https://qprdy-zgph.maillist-manage.com/click.zc?m=
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et=3D"_blank" zcurl_name=3D"l_11"><img alt=3D"Twitter" height=3D"35" src=3D=
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decoration: none; width: 30px; height: 30px;" vspace=3D"10" width=3D"35"></=
a> </td></tr><tr><td align=3D"center" name=3D"sclwdgtcaptns" style=3D"borde=
r:none;padding: 0px;margin: 0px;" valign=3D"middle"><a href=3D"https://qprd=
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ans-serif; color: rgb(27, 107, 189); font-size: 8pt; direction: rtl;">Twitt=
er</p></a> </td></tr></tbody></table></td></tr></tbody></table></td></tr></=
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in:0px;" valign=3D"top"><table align=3D"left" border=3D"0" cellpadding=3D"0=
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r: none;"><tbody><tr><td style=3D"padding-right: 9px;padding-bottom: 9px;bo=
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separate;border: none;"><tbody><tr><td align=3D"left" style=3D"padding:7px;=
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order:none;" valign=3D"middle"> <table align=3D"left" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"font-size:12px;border-collapse: collap=
se;border: none;" width><tbody><tr><td align=3D"center" name=3D"sclwdgtimge=
s" style=3D"border: none;padding: 0px;margin: 0px;padding-bottom: 6px;" val=
ign=3D"middle"> <a href=3D"https://qprdy-zgph.maillist-manage.com/click.zc?=
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b6bc11315f109b5f5525d0f45&linkDgs=3D1c08f772a30d5e3d&repDgs=3D1c08f772a30d2=
b15" style=3D"text-decoration:underline;display: block;font-size: 1px;" tar=
get=3D"_blank" zcurl_name=3D"l_13"><img alt=3D"LinkedIn" height=3D"35" src=
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xt-decoration: none; width: 30px; height: 30px;" vspace=3D"10" width=3D"35"=
></a> </td></tr><tr><td align=3D"center" name=3D"sclwdgtcaptns" style=3D"bo=
rder:none;padding: 0px;margin: 0px;" valign=3D"middle"><a href=3D"https://q=
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bbfd3107516e2747240afb213f83dea99f3114ab6bc11315f109b5f5525d0f45&linkDgs=3D=
1c08f772a30d5e3f&repDgs=3D1c08f772a30d2b15" style=3D"display: block;font-si=
ze: 1px;font-weight: normal;line-height: normal;text-align: center;text-dec=
oration: none;" target=3D"_blank" zcurl_name=3D"l_14"><p fntname=3D"Arial" =
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00;padding:0px;margin: 0;line-height: normal; font-family: Arial, Helvetica=
, sans-serif; color: rgb(27, 107, 189); font-size: 8pt; direction: rtl;">Li=
nkedIn</p></a> </td></tr></tbody></table></td></tr></tbody></table></td></t=
r></tbody></table></td><td align=3D"left" style=3D"border:none;padding:0px;=
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border: none;"><tbody><tr><td style=3D"padding-right: 9px;padding-bottom: 9=
px;border:none;padding: 0px;margin: 0px;" valign=3D"top"> <table border=3D"=
0" cellpadding=3D"0" cellspacing=3D"0" style=3D"font-size:12px;border-colla=
pse: separate;border: none;"><tbody><tr><td align=3D"left" style=3D"padding=
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9px;border:none;" valign=3D"middle"> <table align=3D"left" border=3D"0" cel=
lpadding=3D"0" cellspacing=3D"0" style=3D"font-size:12px;border-collapse: c=
ollapse;border: none;" width><tbody><tr><td align=3D"center" name=3D"sclwdg=
timges" style=3D"border: none;padding: 0px;margin: 0px;padding-bottom: 6px;=
" valign=3D"middle"> <a href=3D"https://qprdy-zgph.maillist-manage.com/clic=
k.zc?m=3D1&mrd=3D1c08f772a30d6559&od=3D3zbbfd3107516e2747240afb213f83dea99f=
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a30d2b15" style=3D"text-decoration:underline;display: block;font-size: 1px;=
" target=3D"_blank" zcurl_name=3D"l_15"><img alt=3D"Facebook" height=3D"35"=
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 text-decoration: none; width: 30px; height: 30px;" vspace=3D"10" width=3D"=
35"></a> </td></tr><tr><td align=3D"center" name=3D"sclwdgtcaptns" style=3D=
"border:none;padding: 0px;margin: 0px;" valign=3D"middle"><a href=3D"https:=
//qprdy-zgph.maillist-manage.com/click.zc?m=3D1&mrd=3D1c08f772a30d6559&od=
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gs=3D1c08f772a30d5e43&repDgs=3D1c08f772a30d2b15" style=3D"display: block;fo=
nt-size: 1px;font-weight: normal;line-height: normal;text-align: center;tex=
t-decoration: none;" target=3D"_blank" zcurl_name=3D"l_16"><p fntname=3D"Ar=
ial" fntsze=3D"8" style=3D"font-family:Arial,verdana;font-size:12px; color:=
#000000;padding:0px;margin: 0;line-height: normal; font-family: Arial, Helv=
etica, sans-serif; color: rgb(27, 107, 189); font-size: 8pt; direction: rtl=
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d></tr></tbody></table></td><td align=3D"left" style=3D"border:none;padding=
:0px;margin:0px;" valign=3D"top"><table align=3D"left" border=3D"0" cellpad=
ding=3D"0" cellspacing=3D"0" style=3D"font-size:12px;border-collapse: colla=
pse;border: none;"><tbody><tr><td style=3D"padding-right: 9px;padding-botto=
m: 9px;border:none;padding: 0px;margin: 0px;" valign=3D"top"> <table border=
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ollapse: separate;border: none;"><tbody><tr><td align=3D"left" style=3D"pad=
ding:7px;padding-top: 0px;padding-right: 9px;padding-bottom: 0px;padding-le=
ft: 9px;border:none;" valign=3D"middle"> <table align=3D"left" border=3D"0"=
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e: collapse;border: none;" width><tbody><tr><td align=3D"center" name=3D"sc=
lwdgtimges" style=3D"border: none;padding: 0px;margin: 0px;padding-bottom: =
6px;" valign=3D"middle"> <a href=3D"https://qprdy-zgph.maillist-manage.com/=
click.zc?m=3D1&mrd=3D1c08f772a30d6559&od=3D3zbbfd3107516e2747240afb213f83de=
a99f3114ab6bc11315f109b5f5525d0f45&linkDgs=3D1c08f772a30d5e45&repDgs=3D1c08=
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1px;" target=3D"_blank" zcurl_name=3D"l_17"><img alt=3D"Instagram" height=
=3D"35" src=3D"https://campaign-image.com/zohocampaigns/867215000002682004_=
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ine: none; text-decoration: none; width: 30px; height: 30px;" vspace=3D"10"=
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" style=3D"border:none;padding: 0px;margin: 0px;" valign=3D"middle"><a href=
=3D"https://qprdy-zgph.maillist-manage.com/click.zc?m=3D1&mrd=3D1c08f772a30=
d6559&od=3D3zbbfd3107516e2747240afb213f83dea99f3114ab6bc11315f109b5f5525d0f=
45&linkDgs=3D1c08f772a30d5e47&repDgs=3D1c08f772a30d2b15" style=3D"display: =
block;font-size: 1px;font-weight: normal;line-height: normal;text-align: ce=
nter;text-decoration: none;" target=3D"_blank" zcurl_name=3D"l_18"><p fntna=
me=3D"Arial" fntsze=3D"8" style=3D"font-family:Arial,verdana;font-size:12px=
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al, Helvetica, sans-serif; color: rgb(27, 107, 189); font-size: 8pt; direct=
ion: rtl;">Instagram</p></a> </td></tr></tbody></table></td></tr></tbody></=
table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody=
></table></td></tr></tbody></table>=09
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ing:0px 0px;border-collapse:collapse;" valign=3D"top">

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cing=3D"0" class=3D"zpAlignPos" style=3D"font-size:12px;padding:0px;border:=
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0%;" width=3D"100%">
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g:7px 15px;line-height:17pt;border-top:0px none ;   border-bottom:0px none =
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