The production of steel decreased by 1% in the annual counting of up to 150 million tons in July, compared with a drop in 6% in the annual calculus in June, production in

China (53% of world supplies of unrefined steel in July) fell by 4% in annual calculus (-3% in annual calculus for 7 months 25 years), while world production without taking into account China increased by 2% in annual terms, according to WSA. In particular, deliveries from Russia and the EU last month fell by 2% and 7% in annual calculus, although we believe that the actual fall in Russia was more sharp. Meanwhile, the production of steel in the United States increased by 5% in annual calculus, while production in India (about 9% of the global supply of steel) increased by 14% in annual calculus, as well as 10% in the annual calculation for 7 months of 2025. In Germany, the strongest collapse of more than 13% of July 2025 VS July 2024. reduce steel production in 2025 (which may mean a decrease by 3-5% in annual calculus, according to market estimates). We believe that this will probably cool the growing Chinese exports of steel and will maintain world prices at the end of 2025 or 2026.