European Metals & Mining Weekly: Marketing Feedback from AsiaPac. EU Steel = catalyst rich. Plus TKA, VOE, EDV.

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European Metals & Mining Weekly: Marketing Feedback from AsiaPac. EU Steel = catalyst rich. Plus TKA, VOE, EDV.

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European Metals & Mining Weekly

Marketing Feedback from AsiaPac. EU

Steel = catalyst rich. Plus TKA, VOE, EDV.

Industry Overview

Marketing feedback from Australia, Singapore, Hong Kong 08 June 2026

We marketed in AsiaPac [Australia, Singapore, Hong Kong] discussing key takeaways Equity

from our recent 43rd Global conference (see our reports: Killer Charts, Day 1, Day 2, What Europe

did we learn?). We also talked through our recent downgrades (to Neutral) of BHP and Non-Ferrous Metals,Mining &

Rio Tinto (see our reports: BHP RIO plc RIO Ltd) - where there was some investor Minerals

pushback (See our report: Postcard from Asia) Jason Fairclough >>

Research Analyst

Second half 2026 = Catalyst rich for EU steel. MLI+44 (UK)20 7995 0225

The European Parliament has now passed the steel Tariff Rate Quota (TRQ) jason.fairclough@bofa.com

legislation. The next 6 months will be a key test for our constructive thesis on EU steel, Reinhardt van der Walt >>

with the key swing factor being speed and size of price hikes. Positive ResearchMLI (UK) Analyst

catalysts ahead: 1) price hikes to resume in coming months (supports FY27 Paul Kirjanovs >>

ests.), 2) further carbon policy relaxation in early 3Q (supports LT outlook) and 3) strong Research Analyst

4Q company earnings prints (supports FY27 ests.). The sector is still trading on c. MLI (UK)

6x EV/EBITDA ahead of significant earnings growth - not demanding given 6-7x pre-2018 Felicity Robson >> Research Analyst

mid-cycle range. We reiterate our Buy ratings on MT and VOE given torque/ quality, MLI (UK)

reiterate Neutral SSAB given vulnerability to carbon policy dilution.