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STEEL SCRAP FUTURES UP $190/tonne OR 54.3% SINCE NOVEMBER 12TH 2/27/2023

TYPICAL UNIT COSTS FELL 4% IN 4Q REVERSING AVERAGE 6% RISE IN 3Q, THOUGH WIDELY VARIABLE, AS 12 COMPANIES HAD > 10% COST DECLINES BUT 4 HAD > 10 COST INCREASES 2/27/2023

ALUMINUM — RUSAL HAS DIFFICULTY SELLING ALUMINUM, WHICH IS A NEGATIVE AS INVENTORY BUILDS OR POSITIVE IF RUSAL SHUTS 3/1/2023

COPPER INDUSTRY FINELY BALANCED, WHERE SHORT-TERM RISKS OF NEW SUPPLY BALANCE RECESSION IMPACTS ON DEMAND 3/9/2023

ALUMINUM — RUSAL HAS DIFFICULTY SELLING ALUMINUM, WHICH IS A NEGATIVE AS INVENTORY BUILDS OR POSITIVE IF RUSAL SHUTS  3/1/2023

GRAPHIC PACKAGING REPAYS 1/10TH OF DEBT AND INTEGRATES BOTH EUROPEAN LARGE ACQUISITION AND NEW KALAMAZOO MILL 2/7/2023

ALUMINUM INDUSTRY MOVES INTO OVERSUPPLY 2/20/2023

AGNICO-EAGLE MINES FORECASTS LOWER OUTPUT AT SEVERAL MINES 2/23/2023

ALCOA FACES HEADWINDS IN BAUXITE AND ALUMINA AS SOFT CONSTRUCTION MARKETS FALL MORE THAN OTHER USES GROW IN 2023 2/21/2023

TECK RESOURCES SPLIT UP ‘EMASCULATED” WHERE COAL SPINOFF TO GIVE ITS CASH FLOW TO “TECK METALS” FOR PERHAPS 5 TO 11 YEARS TO BE FREE AND CLEAR IN 2029 OR 2035 2/21/2023