In the mid-1970s, the steel industry experienced an "Age of Discontinuity" triggered by the devaluation of the U.S. dollar several years earlier and the subsequent, and probably inevitable, massive rise in oil prices in U.S. dollar terms.

Steel's continuums 3

2014 and beyond 5

Turning first to 2014 and 2015 5

Pricing anomalies 5

A "winning" environment for non-Chinese mills by 2017,if not 2016 9

Why is WSD bullish on non-Chinese steel mill protits in 2017,if not in 2016? 11

Steel industry assumption and forecasts 13

The three GIVENS 15

Three "LIKELY DEVELOPMENTS " 19

Seven WILD CARDS 21

Appendix

Overview 1

World-Class Steelmakers Rankings 12

2014 Statistical Update 16

USA Situation 21

China 25

SteelBenchmarker Press Release 30

冶金工业信息标准研究院