Silic

oman

gane

se f

rom

Aus

tral

ia

Inv.

No.

731-

TA-1

269

(Fin

al)

Feb

ruar

y 11

, 201

6 P

rese

ntat

ion

at th

e U

SIT

C

PUBL

IC V

ERSI

ON

Dr.

Seth

T. K

apla

n sk

apla

n@ca

ptra

de.co

m

202-

955-

6814

Ove

rvie

w

Con

ditio

ns o

f C

ompe

titio

n

Inju

ry

Thr

eat

Publ

ic V

ersi

on

Ove

rvie

w

Con

ditio

ns o

f C

ompe

titio

n

Inju

ry

Thr

eat

Ove

rvie

w

Publ

ic V

ersi

on

Aus

tralia

n im

port

volu

mes

and

pri

cing

are

non-

inju

rious

.

• A

ustra

lia is

the

[ ] s

uppl

ier

in th

e U

.S.

mar

ket

and

the

third

larg

est s

ourc

e of

impo

rts.

• A

ustr

alia

is a

long

-term

, res

pons

ible

sup

plie

r to

the

U.S

. mar

ket.

• A

ustra

lia is

the

[ ] s

uppl

ier

to th

e U

.S.

mar

ket.

Ove

rvie

w

Aus

tr*

Sour

ce: C

R T

able

C-1

.

Publ

ic V

ersi

on

] Sup

plie

r in

the

U.S

. Mar

ket

5

I O

verv

iew

Pu

blic

Ver

sion

Aus

tral

ia is

a L

ong

Term

Sup

plie

r So

urce

s of

U.S

. SiM

n Im

port

s

500

-i Sh

ort

Tons

(00

0s)

2002

20

03

2004

20

05

2006

20

07

2008

20

09

2010

20

11 2

012

2013

20

14

2015

• Su

bj ec

t •

Non

subj

ect

Sour

ce:

Dat

a Web

for

Com

mod

ity N

o. 7

202.

30.

Nor

way

is e

xclu

ded

from

Non

subj

ect.

Ove

rvie

w

Publ

ic V

ersi

on

BH

P B

illito

n/So

uth3

2 A

re R

espo

nsib

le S

uppl

iers

Sour

ce:

CR

at T

able

C-1

; Res

pond

ents

' Pos

t-Con

fere

nce

Bri

ef, E

xhib

it 2;

Cus

tom

s N

et I

mpo

rt fi

le. S

ee R

espo

nden

ts'

Preh

earin

g B

rief

at 5

8.

7

Ove

rvie

w

Publ

ic V

ersi

on

Aus

tral

ia is

the

[ ] S

iMn

Supp

lier

to

Stee

l Pro

duce

rs

Sour

ce: C

R a

t Pric

ing

Tabl

es V

-4, D

-2 a

nd D

-6.

See

Res

pond

ents

' Pre

hear

ing

Bri

ef, E

xhib

it 21

, Atta

chm

ent 6

.

Ove

rvie

w

Publ

ic V

ersi

on

Aus

tral

ia is

the

[ ] S

iMn

Supp

lier

to

the

Ent

ire

Mar

ket

Sour

ce: S

ee R

espo

nden

ts' P

rehe

arin

g B

rief

, Exh

ibit

21, A

ttach

men

t 6.

9

Publ

ic V

ersi

on

Ove

rvie

w

Con

ditio

ns o

f C

ompe

titio

n

Inju

ry

Thr

eat

10

CoC

Pu

blic

Ver

sion

Con

ditio

ns o

f C

ompe

titio

n

SiM

n is

a c

omm

odity

pro

duct

.

Rel

iabi

lity

of su

pply

is e

ssen

tial

for s

teel

pro

duce

rs.

The

dom

estic

indu

stry

can

not o

r will

not

relia

bly

supp

ly th

e m

arke

t. 11

CoC

C

omm

odity

SiM

n is

a C

omm

odity

Pro

duct

• Si

Mn

is u

sed

by lo

ng-p

rodu

ct s

teel

pro

duce

rs.

• Si

Mn

com

pete

s on

pric

e an

d re

liabi

lity

of su

pply

.

• Si

Mn

lack

s go

od e

cono

mic

sub

stitu

tes.

• 65

% a

nd 7

2% M

n-co

nten

t SiM

n ar

e in

terc

hang

eabl

e.

Sour

ce:

PR a

t 11-

17-1

8.

CoC

C

omm

odity

Publ

ic V

ersi

on

65%

and

72%

Mn-

Con

tent

SiM

n ar

e In

terc

hang

eabl

e A

lar

ge m

ajor

ity

of U

.S. P

urch

aser

s st

ated

that

Geo

rgia

n Si

Mn

is "

alw

ays"

or

"fre

quen

tly"

inte

rcha

ngea

ble

wit

h Si

Mn

from

U

.S. P

rodu

cers

, A

ustr

alia

, and

Sou

th A

fric

a.

] B

oth

65%

and

72%

Mn-

cont

ent S

iMn

are

pric

ed o

ff 6

5%M

n-co

nten

t Si

Mn.

[ i

Sour

ce:

PR a

t 11-

22, P

R a

t 1-1

1-12

, CR

at D

-6.

Publ

ic V

ersi

on

Both

65 a

nd 72

Are

Pric

ed O

ff of

65%

Mn-

cont

ent

SiM

n Fe

lman

Pro

duct

ion

CFO

Bar

ry N

uss t

estif

ied

that

:

"Fel

man

doe

s not

cha

rge

any

diff

eren

t pric

e fo

r the

72

perc

ent

prod

uct f

rom

the

stand

ard

65 p

erce

nt p

rodu

ct o

n a

man

gane

se-

cont

aine

d ba

sis,

righ

t. So

it's

the

sam

e- th

e sa

me

pric

ing,

but

it is

sc

aled

for

the

fact

that

it co

ntai

ns m

ore

man

gane

se."

- Pre

limin

ary

Con

fere

nce

Tran

scrip

t at 5

0

72%

Mn-

cont

ent s

ilico

man

gane

se i

s co

nver

ted

to a

con

tain

ed

man

gane

se b

asis

by

mul

tiply

ing

the

quan

tity

by a

ratio

of 7

2/65

to

be o

n a

65%

man

gane

se b

asis

.

-PR

atD

-13

| CoC

C

omm

odity

Sour

ce:

Prel

imin

ary

Con

fere

nce

Tran

scrip

t at 5

0 an

d PR

at D

-13.

14

CoC

Com

mod

ity [

] Use

of 72

%M

n Si

licom

anga

nese

ov

er P

OI

Publ

ic V

ersi

on

Sour

ce:

CR

atD

-6.

15

CoC

R

elia

bilit

y

Publ

ic V

ersi

on

Rel

iabi

lity

of S

uppl

y is

Ess

entia

l fo

r U

.S. S

teel

Pro

duce

rs

Nec

essa

ry fo

r ste

el m

akin

g pr

oces

s as

a st

reng

then

er a

nd d

eoxi

dize

r.

16 o

f 17

U.S

. pur

chas

es d

escr

ibe

Rel

iabi

lity

of S

uppl

y as

"ve

ry

impo

rtant

.' 59

• Lo

ng-te

rm a

nd a

nnua

l con

tract

s ar

e [

].

• Th

e la

ck o

f sub

stitu

tes

for S

iMn

is d

emon

stra

ted

by th

e co

nsta

nt

ratio

of s

ilico

man

gane

se c

onsu

med

to lo

ng-p

rodu

ct s

teel

pro

duce

d.

Sour

ce: P

R a

t 11-

18.

16

CoC

Pu

blic

Ver

sion

Rel

iabi

lity

The

re is

a C

onsis

tent

Rat

io B

etw

een

SiM

n C

onsu

mpt

ion

and

Lon

g St

eel

Prod

uctio

n

Sour

ce: I

nter

natio

nal

Man

gane

se In

stitu

te A

nnua

l Rep

ort

2014

; Man

gane

se M

arke

t Out

look

, Oct

201

5 St

atis

tical

Rev

iew

. 17

CoC

U

nrel

iabl

e

Publ

ic V

ersi

on

The

Dom

estic

Ind

ustr

y C

anno

t or W

ill N

ot

Rel

iabl

y Su

pply

the

Mar

ket

The

dom

estic

indu

stry

doe

s not

hav

e su

ffic

ient

capa

city

to su

pply

th

e m

arke

t.

The

dom

estic

indu

stry

has

not

pro

duce

d at

its r

epor

ted

capa

city

.

Geo

rgia

n A

mer

ican

Allo

ys' (

GA

A) i

nter

ests

lie w

ith it

s for

eign

op

erat

ions

.

18

CoC

Pu

blic

Ver

sion

Unr

elia

ble The

Dom

estic

Indu

stry

's R

epor

ted

Cap

acity

is

Insu

ffici

ent t

o Su

pply

the

Mar

ket

Sour

ce: C

R a

t Tab

le C

-1

CoC

U

nrel

iabl

e 1

Publ

ic V

ersi

on

Eram

et's

Cap

acity

is S

mal

l and

[ 1

Sour

ce: E

ram

et's

U.S

. Pro

duce

rs Q

uest

ionn

aire

resp

onse

at I

I-8,

[

]•

20

CoC

U

nrel

iabl

e

Publ

ic V

ersi

on

Felm

an's

Cap

acity

Ofte

n R

emai

ned

Idle

1/1/

2012

7/

1/20

12

1/1/

2013

7/

1/20

13

1/1/

2014

7/

1/20

14

1/1/

2015

7/

1/20

15

1/1/

2016

Sour

ce:

"Fel

man

Pro

duct

ion,

LL

C A

nnou

nces

Stra

tegi

c C

ost

Red

uctio

n M

easu

res.

" G

AA

. (M

ay 1

7,20

13);

"Fel

man

Cea

ses

Ope

ratio

ns a

t SiM

n Pl

ant."

(Jul

y 2,

201

3); "

Felm

an t

o R

esta

rt O

ne S

ilico

man

gane

se F

urna

ce,

Seco

nd F

urna

ce i

n A

ugus

t." P

latts

(Ju

ne 3

0, 2

014)

; Fel

man

Sta

rts S

econ

d W

V S

iMn

Furn

ace.

" Pl

atts

. (A

ugus

t 4, 2

014)

; Pro

duct

ion

'stab

ilize

d' a

t Fel

man

SiM

n pl

ant:

USW

." P

latts

. (N

ov 5

, 201

4); F

elm

an D

own

to O

ne F

urna

ce a

t Wes

t V

irgi

nia

Silic

oman

gane

se P

lant

." M

etal

s D

aily

. (Ja

n 8,

201

6);

"Fel

man

Pro

duct

ion

eyes

Aug

Wes

t Vir

gini

a si

licom

anga

nese

No.

2 fu

ranc

e re

star

t: U

SW O

ffic

ial."

Pl

atts

. (Ju

ne 2

6, 2

015)

; "Fe

lman

dow

n to

one

fur

ance

at W

est V

irgi

nia

silic

oman

gane

se p

lant

." M

etal

s D

aily

. (Ja

n 8,

201

6);

Not

e: O

nly

maj

or c

losu

res

and

re-o

peni

ngs

(las

ting

at le

ast m

onth

s) a

re s

how

n. D

oes

not i

nclu

de te

mpo

rary

clo

sure

s fo

r rou

tine

mai

nten

ance

.

CoC

U

nrel

iabl

e

Publ

ic V

ersi

on

Felm

an P

rodu

ctio

n H

ad M

yria

d E

quip

men

t Pr

oblem

s A

s sh

own

in th

e pr

ior

slid

e, si

nce

reop

enin

g in

July

201

4, o

ne o

f Fe

lman

Pro

duct

ion'

s fu

rnac

es h

as r

emai

ned

idle

whi

le a

noth

er w

as

idle

app

roxi

mat

ely

half

of th

e tim

e th

roug

h th

e en

d of

the P

OI.

Felm

an P

rodu

ctio

n ha

d a

"bur

n-th

roug

h" in

one

fur

nace

in

Nov

embe

r 20

15 th

at w

ill ta

ke "

at le

ast s

ix m

onth

s" to

repa

ir.

Sour

ce:

PR a

t III

-3; F

elm

an P

rodu

ctio

n U

.S. P

rodu

cers

' Q

uest

ionn

aire

at A

ttach

men

t 1.

Met

als

Dai

ly, "

Felm

an d

own

to

one

furn

ace

at W

est V

irgin

ia s

ilico

man

gane

se p

lant

," V

ol. 5

, Iss

ue 5

, Jan

8 2

016.

22

CoC

Pu

blic

Ver

sion

Unr

elia

ble

Impo

rts D

id N

ot C

ause

the

Clo

sure

: R

eneg

otia

ted

Ele

ctri

city

•

"Fel

man

stat

ed i

n its

Pet

ition

that

ele

ctric

ity w

as o

ne o

f the

larg

est

cost

s in

the

prod

uctio

n of

SiM

n, a

nd w

ithou

t a sp

ecia

l rat

e it

coul

d no

long

er ju

stif

y pr

oduc

ing

SiM

n an

d w

ould

hav

e to

clo

se th

e New

H

aven

pla

nt...

The

pla

nt h

as n

ot, h

owev

er, b

een

prof

itabl

e sin

ce

at le

ast 2

010,

was

shut

dow

n in

Jul

y 20

13 a

nd w

ould

not

reo

pen

unle

ss F

elm

an w

as g

rant

ed a

spec

ial r

ate

for

elec

tric

ity."

- P

ublic

Ser

vice

Com

mis

sion

of W

est V

irgin

ia: M

anag

emen

t Su

mm

ary

Rep

ort 2

014,

at

24-2

5.

Sour

ce: P

ublic

Ser

vice

Com

mis

sion

of W

est V

irgin

ia: M

anag

emen

t Su

mm

ary

Rep

ort 2

014,

at 2

4-25

. 23

CoC

G

AA

Publ

ic V

ersi

on

GA

A's

Inte

rest

s Li

e w

ith it

s Fo

reig

n O

pera

tions

Felm

an P

rodu

ctio

n is

par

t of

Geo

rgia

n A

mer

ican

Allo

ys

(GA

A)

whi

ch h

as i

nter

lock

ing

owne

rshi

p tie

s w

ith

Priv

atB

ank

in th

e U

krai

ne.

GA

A a

nd P

riva

t's i

nter

ests

lie

wit

h th

eir

Geo

rgia

n fa

cilit

y.

24

Publ

ic V

ersi

on

GA

A's

Inte

rest

s Li

e w

ith it

s Fo

reig

n O

pera

tions

Felm

an P

rodu

ctio

n is

par

t of

Geo

rgia

n A

mer

ican

Allo

ys

(GA

A)

whi

ch h

as i

nter

lock

ing

owne

rshi

p tie

s w

ith

Priv

atB

ank

in th

e U

krai

ne.

GA

A a

nd P

riva

t's i

nter

ests

lie

wit

h th

eir

Geo

rgia

n fa

cilit

y.

25

Publ

ic V

ersi

on

Con

solid

ated

Min

eral

s U

krai

nian

Fac

ilitie

s SC

Fer

al S

.R.L

(J

erse

y)

• N

ikop

ol F

erro

allo

y (R

oman

ia)

I •

Zapr

otzh

sky

Ferr

o-Al

loy

Wor

ks

SBflM

KP If

fST*

***!

'

Stak

hano

v Fe

rroa

lloy

Plan

t ''̂

3̂̂flff

P!̂5ff

Igor

Kol

omoi

sky

Gen

nadi

y Bo

goly

ubov

Priv

atBa

nk (

a/k/

a Pr

ivat

Gro

up)

(Ukr

aine

, C

ypru

s)

Co

nso

lid

ated

Min

eral

s H

old

ing

s (A

ustr

alia

)

Pilb

ara

Man

gan

ese

Pty

Lim

ited

(A

ustr

alia

)

Gh

ana

Man

gan

ese

Co

mp

any

Lim

ited

(G

hana

)

Man

gan

ese

Tra

din

g L

imit

ed

(Jer

sey)

Pilb

ara

Tra

din

g L

imit

ed

(Jer

sey)

Felm

an P

rodu

ctio

n, L

LC

(Del

awar

e)

Mor

edec

hai K

orf (

CEO)

CC M

etal

s &

Allo

ys, L

LC

(Del

awar

e)

Mor

dech

ai K

orf (

CEO)

Felm

an T

radi

ng In

c.

(New

Jer

sey)

•

Mor

edch

ai K

orf (

CEO)

Geo

rgia

n A

mer

ican

Allo

ys, S

ari

(Lux

embo

urg)

•

Mor

edch

ai K

orf (

Cha

irman

)

Geo

rgia

n M

anga

nese

, LL

C (G

eorg

ia)

Var

tisks

he 2

005,

LLC

(G

eorg

ia)

Sour

ce:

Felm

an P

rodu

ctio

n L

LC

's P

ublic

Res

pons

e to

Con

sum

er A

dvoc

ate

Div

isio

n's

Firs

t R

eque

st fo

r In

form

atio

n. P

ublic

Ser

vice

Com

mis

sion

of

Wes

t Vir

gini

a. (

Oct

ober

10,

201

3) a

t A

ttac

hmen

t 9;

"M

iner

al I

ndus

try

Surv

eys."

USG

S. (

Apr

il 20

15);

"C

onso

lidat

ed M

iner

als

Hol

ding

s (A

ustr

alia

) Pty

Lim

ited

- Pr

ofile

Com

pany

Rep

ort.

Ibis

Wor

ld.

(Dec

embe

r 31

, 20

14);

Con

solid

ated

Min

eral

s R

epor

t fo

r th

e ls

l Qua

rter

End

ing

31 M

arch

201

5. C

onsM

in.

(May

19,

201

5); "

2012

Min

eral

s Y

earb

ook.

" U

SGS.

Oct

ober

201

4. a

t 47.

5; "

Priv

atBa

nk G

roup

."M

oney

to M

etal

. (N

ovem

ber

30,

2014

). G

AA

et.

al

vs W

hite

& C

ase.

Engl

and

Wal

es H

igh

Cou

rt D

ecis

ions

Cla

im N

o. 2

013

Folio

148

5. (

Janu

ary

31,

2014

). 26

Priv

at H

as T

ies

to S

iMn

Faci

litie

s in

Geo

rgia

, R

oman

ia,

the

Uni

ted

Stat

es, a

nd T

hree

in

the

Ukr

aine

Publ

ic V

ersi

on

* Pr

ivat

SiM

n Fa

cilit

y C

reat

ed b

y C

apita

l Tra

de. I

nc.

Sour

ce: G

TIS

usi

ng H

TS

subh

eadi

ng 7

202.

30. P

R a

t Vtt

-13

Publ

ic V

ersi

on

GA

A's

Inte

rest

s Li

e w

ith it

s Fo

reig

n O

pera

tions

Felm

an P

rodu

ctio

n is

par

t of

Geo

rgia

n A

mer

ican

Allo

ys

(GA

A)

whi

ch h

as i

nter

lock

ing

owne

rshi

p tie

s w

ith

Priv

atB

ank

in th

e U

krai

ne.

GA

A a

nd P

riva

t's i

nter

ests

lie

wit

h th

eir

Geo

rgia

n fa

cilit

y.

Publ

ic V

ersi

on

U.S

. Im

port

s fro

m G

eorg

ia H

ave S

tead

ily

Incr

ease

d fo

r M

ore t

han

a D

ecad

e Sh

ort

Tons

(00

0s)

Geo

rgia

n Im

port

s Hav

e St

eadi

ly

Incr

ease

d fo

r Mor

e th

an a

Dec

ade

200

180

160

140

120

100 80

60

40

-\

20

2002

20

03

2004

20

05

2006

20

07

2008

20

09

2010

20

11 2

012

2013

20

14

2015

(J

-S)

• A

ustra

lia

• G

eorg

ia

• So

uth

Afr

ica

• O

ther

(exc

l. N

orw

ay)

Sour

ce: U

SITC

Dat

aWeb

for

HT

S co

de 7

202.

30.

Publ

ic V

ersi

on

Geo

rgia

n Im

port

AU

Vs

are

[ ]

Felm

an P

rodu

ctio

n's

per

unit

CO

GS

Sour

ce:

Felm

an P

rodu

ctio

n's

U.S

. Pro

duce

rs Q

uest

ionn

aire

res

pons

e at

III-

9a; U

SIT

C D

ataW

eb.

30

CoC

I

GA

A

Geo

rgia

n M

anga

nese

, L

LC

Ferr

oallo

y Fa

cilit

ies

12 e

lect

ric-a

rc f

urna

ces

Min

e 7

min

es

Min

e C

apac

ity o

f 441

,000

ST

Mn

conc

entra

te p

er y

ear.

Hyd

ropo

wer

Pla

nt

800,

000

MW

per

yea

r

Prod

uctio

n 22

0,00

0 ST

in 2

013

Wor

kers

6,

000

tota

l (T

he m

ajor

ity a

re m

iner

s)

Hou

rly

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es

<$4

per

hour

Wor

ld S

hipm

ents

23

6,42

3 ST

from

201

2-20

14

Wor

ld S

ales

$6

93.9

mill

ion

from

201

2-20

14

U.S

. Shi

pmen

ts

[ ]

ST o

ver P

OI

U.S

. Sal

es

$[

] ove

r PO

I

Inve

stm

ents

$7

6 m

illio

n fr

om 2

013

thro

ugh

2015

Val

uatio

n $1

86.4

mill

ion

in 2

005

Sour

ce: R

espo

nden

ts P

rehe

arin

g B

rief

, Exh

ibit

21, A

ttach

men

t 5.

Publ

ic V

ersi

on

Felm

an P

rodu

ctio

n

3 el

ectri

c-ar

c fu

rnac

es

No

min

e

No

hydr

opow

er p

lant

[ ] S

T in

201

3

Bet

wee

n [

] and

[

] ove

r the

PO

I

$[

] per

hou

r

[ ]

ST fr

om 2

012

to 2

014

$[

] fr

om 2

012-

2014

[ ]

ST o

ver P

OI

$[

] ove

r PO

I

[ ] o

ver P

OI

$20

mill

ion

in 2

006

$[

] in

2014

31

CoC

Pu

blic

Ver

sion

GA

A

Sour

ce: R

espo

nden

ts P

rehe

arin

g B

rief

, Exh

ibit

21, A

ttach

men

t 5.

32

Publ

ic V

ersi

on

Geo

rgia

n M

anga

nese

[

] Fe

lman

Pro

duct

ion

Sour

ce: P

rices

: CR

at P

rici

ng T

able

s V

-4, D

-2 a

nd D

-6.

See

Res

pond

ents

' Pre

hear

ing

Bri

ef, E

xhib

it 21

, Atta

chm

ent 6

. E

vent

s: S

ee R

espo

nden

ts' P

rehe

arin

g B

rief

, Exh

ibit

21, A

ttach

men

t 5.

33

Ove

rvie

w

Con

ditio

ns o

f C

ompe

titio

n

Inju

ry

Thr

eat

Publ

ic V

ersi

on

Aus

tral

ian

Impo

rts H

ave

Not

Inj

ured

the

Dom

estic

Indu

stry

Vo

lum

e

• A

ustra

lia is

the

[ ] s

uppl

ier t

o th

e U

.S. m

arke

t and

the

third

larg

est s

ourc

e of

impo

rts. P

etiti

oner

's re

late

d pa

rty is

the

first

.

• A

ustra

lian

impo

rt vo

lum

es h

ave

been

stea

dy fo

r ove

r a d

ecad

e.

• BH

P B

illito

n/So

uth3

2 ha

ve b

een

resp

onsi

ble

supp

liers

.

Pric

e

• A

ustra

lia is

the

[ ] s

uppl

ier i

n th

e U

.S. m

arke

t.

• A

ustra

lian

impo

rts [

] U.S

. pro

duce

rs.

Inju

r ju

ry [

Pu

blic

Ver

sion

Vol

ume Aus

tral

ia R

epre

sent

s a

Smal

l Sha

re of

Impo

rts

500

450

400

350

300

Shor

t To

ns (

000s

)

2002

20

03 2

004

2005

20

06

2007

20

08

2009

20

10

2011

201

2 20

13

2014

20

15

• Su

bj ec

t •

Non

subj

ect

Sour

ce: D

ataW

eb f

or C

omm

odity

No.

720

2.30

. N

orw

ay is

exc

lude

d fr

om N

onsu

bjec

t. 36

Inju

ry

Publ

ic V

ersi

on

Vol

ume BH

P B

illito

n/So

uth3

2 A

re R

espo

nsib

le S

uppl

iers

Sour

ce: C

R a

t Tab

le C

-1; R

espo

nden

ts' P

ost-C

onfe

renc

e B

rief

, Exh

ibit

2; C

usto

ms

Net

Impo

rt fi

le. S

ee R

espo

nden

ts'

Preh

earin

g B

rief

at 5

8.

Publ

ic V

ersi

on

Aus

tral

ia is

the

[ ] S

uppl

ier

in th

e U

.S. M

arke

t

Sour

ce: C

R T

able

C-1

. 38

Publ

ic V

ersi

on

Aus

tral

ia is

the

[ ] S

iMn

Supp

lier

to

Stee

l Pro

duce

rs

Sour

ce: C

R a

t Pric

ing

Tabl

es V

-4, D

-2 a

nd D

-6.

See

Res

pond

ents

' Pre

hear

ing

Bri

ef, E

xhib

it 21

, Atta

chm

ent 6

. 39

Publ

ic V

ersi

on

Aus

tral

ia is

the

[ ] S

iMn

Supp

lier

to

Stee

l Pro

duce

rs

Sour

ce: C

R a

t Pric

ing

Tabl

es V

-4, D

-2 a

nd D

-6.

See

Res

pond

ents

' Pre

hear

ing

Bri

ef, E

xhib

it 21

, Atta

chm

ent 6

. 40

Inju

ry

Publ

ic V

ersi

on

Pric

e Aus

tral

ia is

the

[ ] S

iMn

Supp

lier

to

the

Ent

ire

Mar

ket

Sour

ce: C

R a

t Pric

ing

Tabl

es V

-4, D

-2 a

nd D

-6.

See

Res

pond

ents

' Pre

hear

ing

Bri

ef, E

xhib

it 21

, Atta

chm

ent 6

. 41

1 I

njur

y Pr

ice

Ship

men

t AU

Vs

Aus

tral

ian

[

Sour

ce: C

R T

able

IV

-3 (A

lso

show

n in

CR

Tab

le C

-1)

Publ

ic V

ersi

on

[ 1 ]

42

Publ

ic V

ersi

on

Purc

hase

rs C

onfir

m F

elm

an is

a P

rice

Lea

der

] | sta

ted

that

:

| and

stat

ed th

at:

Sour

ce:

[ ]'s

Pur

chas

ers'

Que

stio

nnai

re re

spon

se 11

1-22

at 5

). [

]'s P

urch

aser

s' Q

uest

ionn

aire

III-

17 a

t 16

, III

-25

at 2

0. [

]'s

Pur

chas

ers'

Que

stio

nnai

re re

spon

se 1

11-2

1 at

16,

111-

25 a

t 18

. PR

at V

-12.

Publ

ic V

ersi

on

Ove

rvie

w

Con

ditio

ns o

f C

ompe

titio

n

Inju

ry

Thr

eat

Thr

eat

Publ

ic V

ersi

on

Stat

utor

y Fa

ctor

s Do

Not

Ind

icat

e T

hrea

t In

crea

ses

in p

rodu

ctio

n ca

paci

ty, o

r exi

stin

g un

used

cap

acity

, in

the

expo

rting

co

untry

like

ly to

resu

lt in

incr

ease

s in

impo

rts to

the

U.S

. N

o

Rat

e of

incr

ease

of t

he v

olum

e or

mar

ket p

enet

ratio

n an

d lik

elih

ood

of fu

rthe

r in

crea

ses

in su

bjec

t im

ports

. N

o

Whe

ther

pric

es a

re l

ikel

y to

cau

se s

igni

fica

nt p

rice

depr

essi

on o

r sup

pres

sion

an

d in

crea

sed

dem

and

for f

urth

er im

ports

. N

o

U.S

. inv

ento

ries

of th

e su

bjec

t mer

chan

dise

. N

o

Pote

ntia

l fo

r pro

duct

-shi

ftin

g N

o

Info

rmat

ion

rega

rdin

g th

e co

unte

rvai

labl

e su

bsid

y an

d w

heth

er i

mpo

rts a

re

likel

y to

incr

ease

. N

o

Any

oth

er d

emon

stra

ble

adve

rse

trend

s in

dica

ting

the

prob

abili

ty th

at th

ere

is

likel

y to

be

mat

eria

l inj

ury

by re

ason

of i

mpo

rts (

or s

ale

for i

mpo

rtatio

n) o

f the

su

bjec

t m

erch

andi

se (w

heth

er o

r not

it is

act

ually

bei

ng im

porte

d at

the

time)

. N

o

45

•