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<P><FONT face=黑体 size=6><STRONG>（35页）08.10 August 10, 2007</STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>Americas: Steel August Monthly: Supply side tight, pricing should bottom soon</STRONG></FONT></P>
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<P> <FONT size=4> Table of contents<BR>Overview: Neutral on soft demand and pricing but low supply 2<BR>Steel economics: Prices, imports, service centers, Chinese supply 9<BR>Company news: STLD (Buy), GNA (NR), CHAP (NR), and RYI (Neutral) 15<BR>Steel Stocks: Relative performance still good, despite correction 17<BR>Production and imports: Key supply factors 18<BR>Service Centers: Key supply and demand indicators 19<BR>Demand: Automotive and Construction markets 20<BR>Demand: Capital goods, industrial, and energy markets 21<BR>Pricing: Global and US, premium vs. imports 22<BR>Pricing: Scrap and metal spreads 23<BR>Imports by origin: US exports, shipments, and apparent supply 24<BR>Valuations 27<BR>Disclosures 32<BR>The prices in the body of this report are based on the market close of August 10, 2007.<BR>Overview: Neutral on soft demand and pricing but low supply<BR>We see the steel cycle in the US as a glass half full, or half empty. Demand is softer,<BR>with auto and capital goods demand off but non-residential construction staying<BR>strong. Supply is excellent, with low inventory, low imports and pricing too low to<BR>attract supply to the net-short US market. Pricing has drifted down, but we think is in<BR>the process of bottoming above $500 a net ton for HRC. Valuations on stocks are<BR>relatively attractive, with some like NUE offering significant dividend yields.</FONT></P>
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