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From: "StaalX Team" <newsletter@staalx.com>
To: Andrew Sterling <info@sterlingcal.com>
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https://www.staalx.com/

StaalX Newsletter, August 28, 2025 (Scroll down for Message from Our CEO an=
d Steelorbis News)

Updates From This Week

https://www.staalx.com/

Another Rebar Price Increase Is Imminent

###
Will Other Products Follow?

There's a fascinating pricing dynamic happening in the U.S. steel market ri=
ght now. Even within the same product categories, such as rebar and wire ro=
d, or merchant bars and beams, prices have been trending in different direc=
tions.

A strange divergence is taking place between long products and flat-rolled =
products. Since the Section 232 tariffs were increased to 50% in June, reba=
r has been the most bullish product. Prices have surged by more than $120/t=
on, and the rally might not be over. Rebar mills are now struggling to keep=
 up with new orders and are delaying some shipments, even in a somewhat mod=
est demand environment. Buyers are concerned that if all the delayed constr=
uction projects get greenlit at once, it could create a significant supply =
shortage.

This places fabricators in a difficult position. They have to fulfill their=
 backlogs in a rapidly rising price climate. This will squeeze their margin=
s, and even if they can pass on the cost increases, contractors will not be=
 happy.

What's Happening with Other Steel Products?

The buying frenzy for wire rod has now subsided, and there is no longer a n=
oticeable shortage. Buyers still want import options despite the 50% tariff=
s, but they don't need new steel until the first quarter. While some of the=
 inflated market prices have retracted, mills have settled at a comfortably=
 profitable price level.

Beams have remained strong, but merchant bars have been quite soft. Domesti=
c producers have only managed a modest price increase since June, and the p=
rice difference between beams and merchant bars remains significant.

The biggest mystery of all is the flat-rolled market. Prices have been stea=
dily declining since June, dropping by about $40/ton in total. The sentimen=
t remains bearish, even for products that are in short supply, like tinplat=
e, tin-free steel, and thin-gauge coated products. Some attribute the soft =
prices to the newly added domestic capacity, but this doesn't explain the s=
ituation for all flat-rolled products.

Looking Ahead

Overall economic data doesn't point to a major slowdown in the economy or c=
onstruction activity. It suggests that the flat-rolled market should be per=
forming better than it currently is. The slow demand may be a result of bui=
lt-up inventories. However, as September approaches, buyers may need to rep=
lenish their stock. With import options limited, this pent-up demand could =
cause prices to pop faster than people currently anticipate.

Message from Our CEO!

Payment Terms with StaalX

StaalX has transformed the way companies and contractors buy steel=E2=80=94=
making it possible to browse,get an instant quote, purchase and finance ste=
el products for a truck load or less, entirely online. From the beginning, =
StaalX's goal has been to make wholesale quantities of steel buying as easy=
 and as seamless as any other online purchase.

https://www.staalx.com/about-us

There's a fascinating pricing dynamic happening in the U.S. steel market ri=
ght now. Even within the same product categories, such as rebar and wire ro=
d, or merchant bars and beams, prices have been trending in different direc=
tions.

A strange divergence is taking place between long products and flat-rolled =
products. Since the Section 232 tariffs were increased to 50% in June, reba=
r has been the most bullish product. Prices have surged by more than $120/t=
on, and the rally might not be over. Rebar mills are now struggling to keep=
 up with new orders and are delaying some shipments, even in a somewhat mod=
est demand environment. Buyers are concerned that if all the delayed constr=
uction projects get greenlit at once, it could create a significant supply =
shortage.

This places fabricators in a difficult position. They have to fulfill their=
 backlogs in a rapidly rising price climate. This will squeeze their margin=
s, and even if they can pass on the cost increases, contractors will not be=
 happy.

What's Happening with Other Steel Products?

The buying frenzy for wire rod has now subsided, and there is no longer a n=
oticeable shortage. Buyers still want import options despite the 50% tariff=
s, but they don't need new steel until the first quarter. While some of the=
 inflated market prices have retracted, mills have settled at a comfortably=
 profitable price level.

Beams have remained strong, but merchant bars have been quite soft. Domesti=
c producers have only managed a modest price increase since June, and the p=
rice difference between beams and merchant bars remains significant.

The biggest mystery of all is the flat-rolled market. Prices have been stea=
dily declining since June, dropping by about $40/ton in total. The sentimen=
t remains bearish, even for products that are in short supply, like tinplat=
e, tin-free steel, and thin-gauge coated products. Some attribute the soft =
prices to the newly added domestic capacity, but this doesn't explain the s=
ituation for all flat-rolled products.

Looking Ahead

Overall economic data doesn't point to a major slowdown in the economy or c=
onstruction activity. It suggests that the flat-rolled market should be per=
forming better than it currently is. The slow demand may be a result of bui=
lt-up inventories. However, as September approaches, buyers may need to rep=
lenish their stock. With import options limited, this pent-up demand could =
cause prices to pop faster than people currently anticipate.

That means removing friction at every step, from getting a quote, deliverin=
g and financing the purchase of our customers.

As pioneers in steel ecommerce, the StaalX team is committed to making ever=
y part of the steel purchasing experience easier for ourbuyers. This includ=
es adopting innovative payment solutions.

With our securecheckout, our buyers don=E2=80=99t have to get out their che=
ckbooks. They sign in with the same bank username and password they use eve=
ry day, connect their bank to StaalX and make their payment automatically i=
n 30 days after purchase forNet 30 days payment terms.=20

StaalX's "Pay Later" fee is 1% for Net 30 days payments. Next, we will roll=
 out Net 60, Net 90 days payments, and other creative Pay Later options as =
part of our mission to provide value to both buyers and sellers by making t=
ransactions simpler through innovative technologies.

Stay tuned.=20
See you at StaalX.com!

Warmly,

Murat Askin
Founder and CEO

Weekly Poll

Last Week's Poll Results

=F0=9F=92=A1 Still Buying Steel the Old Way?

You Deserve Better.

Chasing quotes. Endless calls. Missed deliveries.
That=E2=80=99s the old way of sourcing steel.

StaalX makes it simple:
=E2=9C=85 Real-time pricing =E2=80=93 no waiting
=E2=9C=85 Transparent freight + lead times
=E2=9C=85 One-stop checkout =E2=80=94 like Amazon, but for steel
=E2=9C=85 Smart tools built for buyers & fabricators

=F0=9F=94=97 Try It Now on https://www.staalx.com/ www.staalx.com
=F0=9F=93=A6 Whether you buy rebar, mesh, or wire rod =E2=80=94 we=E2=80=99=
ve got you covered.

https://www.staalx.com/

https://www.staalx.com/ Get a quote

Explore the upgrades at https://www.staalx.com www.staalx.com or get in tou=
ch today with mailto:websupport@staalx.com?subject=3D websupport@staalx.com=
 to see the difference.

From our content partner, SteelOrbis

http://steelorbis.com

US import rebar and wire rod pricing resumes upward trend on continuing sup=
ply issues
Thursday, 21 August 2025 19:09:11 (GMT+3) San Diego
US import rebar and wire rod pricing resumed upward movement this week, fue=
led by reports that record low finished steel imports continue to reduce av=
ailable supply, market insiders told SteelOrbis. The combination of ongoing=
 50 percent steel import tariffs and the enhanced importer risk associated =
with ongoing anti-dumping cases currently under review by the US Department=
 of Commerce (DOC), continues to limit the amount of material available, th=
ey said.

=E2=80=9CThere=E2=80=99s very limited sources of supply available to the ma=
rket right now,=E2=80=9D remarked one US Gulf Coast importer. =E2=80=9CReco=
rd low imports are likely to continue over the next 6 months or so, as addi=
tional anti-dumping cases get settled.=E2=80=9D

On August 12, media reports indicate a preliminary anti-dumping margin of 1=
8.87 percent was assigned for Colakoglu Metalurji A.S and Colakoglu Dis Tic=
aret A.S. of Turkey, with the DOC finding they sold rebar at less than fair=
 value during the period of July 1, 2023 through June 30, 2024. The final r=
esults of the investigation are expected within 120 days. The previous AD r=
ate for the company stood at 1.13 percent, while the minimal rates for othe=
r Turkish mills were at 1.02 to 3.9 percent and up to 25.83 percent as high=
est.

=E2=80=9CColakoglu-Metrade has material on the ground but they are running =
out of sizes and also not quoting due to high (anti dumping duties),=E2=80=
=9D a second import insider told SteelOrbis. =E2=80=9CThey have a ship comi=
ng into Houston in October, but that=E2=80=99s all I=E2=80=99ve heard.=E2=
=80=9D

This week, import rebar on a loaded truck basis on the US Gulf Coast is dis=
cussed at $43-44/cwt., ($860-880/nt or $948-970/mt), or on average $43.50/c=
wt., up from $41.00-43.00/cwt., ($820-860/nt or $904-948/mt), one week prio=
r. On the US East Coast, import rebar gained a bit less, insiders said, set=
tling the week about $1.00/cwt., higher at $43.00-46.00/cwt., ($860-920/nt =
or $948-1,014/mt) amid continued reports suppliers are seeing reductions on=
 some sizes of rebar product as imports wane and domestic mills struggle to=
 fill a growing supply gap.

Insiders say as ongoing AD cases and tariffs continue to cloud the near to =
midterm supply outlook, importers are =E2=80=9Clooking at future supplies f=
rom Oman, UAE, as well as Turkey.=E2=80=9D They added that some of their co=
lleagues are surprised that the outlook for September scrap in the US is no=
t =E2=80=9Cthrough the roof=E2=80=9D as a result of continued low imports.

At last report, US local scrap contacts are calling September scrap sideway=
s to potentially down next month as demand for scrap is expected to be redu=
ced starting in September as many US mills begin yearly scheduled maintenan=
ce operations that last through December. Some insiders caution reduced imp=
ort flexibility could make current import long steel markets more susceptib=
le to price spikes, especially if domestic demand improves.

=E2=80=9COrder intake increases at US mills should see stronger scrap price=
s, but we=E2=80=99re not seeing that,=E2=80=9D remarked the SteelOrbis insi=
der. =E2=80=9CWhat I see on the long steel import side is that domestic reb=
ar seems to be a little tighter and that mills are busier,=E2=80=9D he said=
. =E2=80=9CWith the tariffs in place what it means for importers is that ba=
rely any trades are getting done. With any kind of unexpected demand increa=
se, things could get really interesting, especially if US mills start to la=
g behind in their deliveries. As it stands now, importers are basically wai=
ting for US prices to rise, so as to enable imports to resume with the curr=
ent 50 percent tariffs in place.=E2=80=9D

As supplies continue to tighten, insiders told SteelOrbis that reports are =
beginning to circulate in steel trading circles about the strong possibilit=
y of another rebar price increase of about $40/nt ($44/mt), or $2.00/cwt., =
from US mills toward the end of August. And, while not representative of th=
e majority of weekly trade, insiders reported to SteelOrbis that Nucor sold=
 small single truckloads of domestic rebar as high as $46.50/cwt.

On the tariff front, importers expressed concern that this week=E2=80=99s a=
nnouncement from the US Trump administration that steel derivative products=
, including electrical steel lamination and cores, as well as certain stain=
less steel automotive exhaust parts, would be added to products subject to =
50 percent Section 232 tariffs, could further reduce already low import act=
ivity.

=E2=80=9CFrom an importers=E2=80=99 standpoint, there=E2=80=99s just too mu=
ch risk right now given what=E2=80=99s going on with Section 232 tariffs an=
d ongoing AD cases,=E2=80=9D he said. =E2=80=9CPersonally, I remain very he=
sitant to assume that level of risk.=E2=80=9D

In the Mexican long steel markets, while 50 percent tariffs remain in place=
, pre-tariff rebar available vicinity Houston, Texas, on a loaded truck bas=
is is discussed little changed at $40-42/cwt., ($800-840/nt or $937/mt to $=
959/mt), compared with earlier weekly estimates at $40-43/cwt., insiders sa=
id. As Mexico continues to deal with high export tariffs to the US, one Mex=
ican trader told SteelOrbis that their direct sales of long steel to Canada=
 via ship and rail have increase four-fold, helping to support recent price=
 stability in the North Region in the face of unremarkable local demand.

In the imported wire rod markets, spot pricing gained a bit this week with =
wire rod mesh on a DDP loaded truck USGC basis reported about $0.50/cwt., h=
igher at $42.50-43.50/cwt., ($850-870/nt or $937-959/mt), up from $42.00-43=
.00/cwt., ($840-860/nt or $926-948/mt), against stable ex-mill delivered do=
mestic Midwest supply pricing reports at $46.50-$47.50/cwt., ($930-950/nt o=
r $1,025-1,047/mt).

=E2=80=9CWe=E2=80=99re hearing reports of tight wire rod supply and rising =
freight rates on shipping,=E2=80=9D said the SteelOrbis insider. =E2=80=9CS=
o basically, with a lack of shipments, buyers have less options, because th=
ere is less competition among shippers.=E2=80=9D

US domestic rebar and wire rod both flat for the fourth consecutive week
Friday, 22 August 2025 00:20:33 (GMT+3) San Diego
US domestic rebar and wire rod remain flat this week as scrap stays sideway=
s as we get closer to September. Many have described this stable market as =
a =E2=80=9Csummer slump=E2=80=9D or =E2=80=9Cthe summer doldrums". Domestic=
 demand is still driven by a strong construction sector and infrastructure =
spending.

In the weekly rebar spot markets, domestic supply on an FOB mill basis was =
assessed with most transactions noted at $43.50-44.50/cwt, ($870-890/nt or =
$959-981/mt), on average $44.00/cwt, ($880/nt or $970/mt), unchanged from s=
even days ago. =E2=80=9CDespite the flat pricing over the last few weeks, r=
ebar is trending up,=E2=80=9D according to a SteelOrbis insider. Overall, t=
aking into account the diminishing import volumes due to the valid minimum =
50 percent restrictions, many expect that the domestic rebar prices might s=
trengthen in the future, but for now they are held back by the sideways scr=
ap and seasonally limited trade.

In the domestic wire rod market, domestic supply on an FOB mill basis was a=
ssessed with most transactions reported this week at $46.50-47.50/cwt ($930=
-950/nt or $1,025-1,047/mt), or an average of $47.00/cwt ($940/nt or $1,036=
/mt), unchanged from seven days ago. "Wire rod is trending neutral,=E2=80=
=9D the SteelOrbis insider continued.

September US scrap seen sideways to down on declining flat steel, August sc=
rap overhang
Thursday, 21 August 2025 23:11:42 (GMT+3) San Diego
The weekly US scrap price outlook for September was unchanged this week at =
sideways to potentially lower as a result of continued declines in flat ste=
el pricing as well as new reports that a prime scrap =E2=80=9Coverhang=E2=
=80=9D continues to exist due to the paucity of August trade, market inside=
rs told SteelOrbis.

Insiders said mills didn=E2=80=99t buy the prime scrap that local scrap sup=
pliers had expected them to purchase during the August buy-cycle because 50=
 percent tariffs on Brazilian pig iron threatened by US President Trump did=
n=E2=80=99t happen.

=E2=80=9CPrimes didn=E2=80=99t go down in August, though if the (supply) ov=
erhang persists in September, I suspect that prime scrap could decline,=E2=
=80=9D the Midwest scrap insider told SteelOrbis. =E2=80=9CI think Septembe=
r is looking sideways to down depending on grade,=E2=80=9D he added. =E2=80=
=9CPrimes seemed to have overhang that could potentially push prices down i=
n September some, while cuts seem to remain tight but sideways. Shred is lo=
oking sideways to down, as it could get dragged down by primes.=E2=80=9D

Insiders added that mill closures for annual maintenance -that typically st=
art in September and end in December- could also reduce mill scrap purchase=
s during the September and October buy cycles.

=E2=80=9CI think mill closures across September, October and November will =
create significant downward pressure on pricing during the September and Oc=
tober buys,=E2=80=9D the insider added. =E2=80=9CEspecially with the bearis=
h export market and the softness in hot-rolled coil pricing.=E2=80=9D

This week, flat steel pricing is reported $5-10/nt less at $820-$830/nt ($9=
04-915/mt), or on average $41.25/cwt. Flat steel insiders said scant mid-mo=
nth demand and a growing outlook for sideways to lower September scrap is l=
imiting upward price movement. SteelOrbis historical data shows flat steel =
pricing has declined consistently since the end of June as scrap demand has=
 remained unremarkable with sideways pricing reported for three straight mo=
nths.

Based on a sideways to down from August, September settlement, US Midwest p=
rime busheling scrap in the Ohio Valley could settle at or below $435-460/g=
t ($443-468/mt), while shredded scrap might settle at or below $375-380/gt =
($381-387/mt). Ohio Valley P&S and HMS grades are seen at or below $361-371=
/gt ($367-377/mt) and $325-345/gt ($330-387/mt), respectively, scrap inside=
rs told SteelOrbis.

In the US Northeast, a sideways to potentially lower September scrap settle=
 would put prime busheling grade material at or below $380-400/gt ($387- 40=
7/mt), while shredded grades could settle at or below $325-335/gt ($330-342=
/mt). P&S and HMS grades might finish at or below $295-305/gt ($300-310/mt)=
 and 305-320/gt ($310-325/mt), respectively, scrap insiders told SteelOrbis=
 this week.

SteelOrbis historical scrap data shows since monthly domestic scrap prices =
peaked in March ahead of much anticipated tariff announcements from the US =
Trump administration, the average price of Midwest Ohio Valley shredded scr=
ap has slumped more than 24 percent from on average $506/gt ($514/mt) to $3=
84/gt ($390/mt). HMS pricing in the US Northeast dropped a more conservativ=
e 22.8 percent during the equivalent period to on average $313/gt ($318/mt)=
 amid somewhat limited export demand for US scrap.

Do you have any questions? Check out our FAQ!

Check out the most frequently asked questions about the service and product=
s of StaalX. We are always here to chat with you in the chat boxes from the=
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=09                        &nbsp;&nbsp;&nbsp;

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=09=09=09<a href=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a=
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arget=3D"_blank" zcurl_name=3D"l_1">
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=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:#ffffff;">
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space:0pt;font-size:12px;padding:0px;border:0px;border-collapse:collapse; m=
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=09  =09
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:0px none ;   border-bottom:0px none ;padding-top:7px;padding-bottom:7px;pa=
dding-right:15px;padding-left:15px;">
             =09    =09=09<div style><div componentbgcolor=3D"#ffffff" comp=
onentpaddingbottom=3D"0px" componentpaddingleft=3D"15px" componentpaddingri=
ght=3D"15px" componentpaddingtop=3D"0px" id style=3D"background-color: rgb(=
255, 255, 255); outline: none;"><p align=3D"center" style=3D"line-height:1.=
7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margi=
n: 0;text-align: center; line-height: 25pt;"><font face=3D"Arial, Helvetica=
" style=3D"font-size: 10pt;"><i style>StaalX Newsletter, August 28, 2025&nb=
sp;&nbsp;<font color=3D"#2828da" style>(Scroll down for Message from Our CE=
O and Steelorbis News)</font></i></font></p></div></div>
=09=09=09</td></tr>
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ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
rspace:0pt;font-size:12px;border:0px;padding:0px 0px;border-collapse:collap=
se;" valign=3D"top">

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r:;">
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ordersize=3D"0px" componentbottomborderstyle=3D"none" componentlineheight=
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;padding:0px;margin: 0;text-align: left; line-height: 25pt;"><font face=3D"=
Arial, Helvetica" style=3D"font-size: 24pt; line-height: 25pt;"><b>Updates =
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=09=09=09<a href=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a=
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 line-height: 17pt; text-align: justify;"><span>

</span></p><h2 style=3D"font-family:Arial,verdana,Helvetica, sans-serif;fon=
t-size: 26px;color:#000000; font-weight:normal; color:#000000;padding: 0px;=
margin: 0;text-align: justify;">

<b style><font style=3D"font-size: 14pt;">

</font><p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;=
padding:0px;margin: 0;line-height: 17pt; text-align: left;"><font color=3D"=
#000000" face=3D"Arial, Helvetica" style=3D"color: rgb(0, 0, 0);"><font sty=
le=3D"font-size: 14pt;">

</font></font></p><p style=3D"font-family:Arial,verdana;font-size:12px; col=
or:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: left;"><spa=
n style=3D"font-family: Arial, Helvetica;"><font style=3D"font-size: 14pt;"=
>Another Rebar Price Increase Is Imminent</font></span></p><font color=3D"#=
000000" face=3D"Arial, Helvetica" style=3D"color: rgb(0, 0, 0);">

</font><p style=3D"margin: 0;padding: 0px;font-family:Arial, Helvetica, san=
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ustify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-si=
ze: 12pt;color:#000000;"><b><span>

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na;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 17pt; t=
ext-align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" styl=
e=3D"font-size: 12pt;color:#000000;"><b><font color=3D"#000000" face=3D"Ari=
al, Helvetica" style=3D"font-size: 12pt;color:#000000;"><span>

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l,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: =
17pt; text-align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetic=
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00;"><span>

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ly:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-h=
eight: 17pt; text-align: justify;"><font color=3D"#000000" face=3D"Arial, H=
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size: 12pt;color:#000000;"><span>

</span></font></font></font></b></font></p><h3 style=3D"font-family:Arial,v=
erdana,Helvetica, sans-serif;font-size: 24px;color:#000000; font-weight:nor=
mal; color:#000000;padding: 0px;margin: 0;text-align: justify; font-size: 1=
4pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size:=
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<b><span><b><span>

<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height: 17pt; text-align: left;"><font color=3D"#000000=
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or:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: left;"><spa=
n style=3D"font-size: 12pt; font-family: Arial, Helvetica;">Will Other Prod=
ucts Follow?</span></p><font color=3D"#000000" face=3D"Arial, Helvetica" st=
yle=3D"font-size: 12pt;color:#000000;">

</font></span><p style=3D"margin: 0;padding: 0px;font-family:Arial, Helveti=
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</b></span>

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r=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000=
000;">

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verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: jus=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D=
"font-size: 12pt;color:#000000;"></font></p>

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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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"font-size: 12pt;color:#000000;"></font></p><span style=3D"font-size: 16px;=
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t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;"><span>

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:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-ali=
gn: justify; line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Hel=
vetica" style=3D"font-size: 12pt;color:#000000;"><span style=3D"background-=
color: transparent; font-family: Arial, Helvetica; font-size: 12pt;"><span>

</span></span></font></p><p align=3D"justify" style=3D"font-family:Arial,ve=
rdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 17pt=
; text-align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" s=
tyle=3D"font-size: 12pt;color:#000000;"><font color=3D"#000000" face=3D"Ari=
al, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font></font></p><=
/span><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verda=
na;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify;=
"></p><span>

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t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;"></font></p><span>

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;"><span>

</span></font></p><p align=3D"justify" style=3D"line-height:1.7;font-family=
:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-ali=
gn: justify; line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Hel=
vetica" style=3D"font-size: 12pt;color:#000000;"><font color=3D"#000000" fa=
ce=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font></f=
ont></p></span></span><span>

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;"><span></span></font></p><p align=3D"justify"=
 style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0=
px;margin: 0;line-height: 17pt; text-align: justify;"></p><div align=3D"jus=
tify" style=3D"text-align: justify;"><span style=3D"font-size: 12pt; font-f=
amily: Arial, Helvetica; background-color: transparent;">There's a fascinat=
ing pricing dynamic happening in the U.S. steel market right now. Even with=
in the same product categories, such as rebar and wire rod, or merchant bar=
s and beams, prices have been trending in different directions.</span></div=
><font color=3D"#000000" face=3D"Arial, Helvetica" style><div align=3D"just=
ify" style=3D"text-align: justify;"><span style=3D"font-size: 16px;"><br></=
span></div><font color=3D"#000000" face=3D"Arial, Helvetica" style><div ali=
gn=3D"justify" style=3D"color: rgb(0, 0, 0); font-size: 12pt; text-align: j=
ustify;"><span style=3D"font-size: 12pt; background-color: transparent;">A =
strange divergence is taking place between long products and flat-rolled pr=
oducts. Since the Section 232 tariffs were increased to 50% in June, rebar =
has been the most bullish product. Prices have surged by more than $120/ton=
, and the rally might not be over. Rebar mills are now struggling to keep u=
p with new orders and are delaying some shipments, even in a somewhat modes=
t demand environment. Buyers are concerned that if all the delayed construc=
tion projects get greenlit at once, it could create a significant supply sh=
ortage.</span></div><div align=3D"justify" style=3D"text-align: justify;"><=
span style=3D"font-size: 16px;"><br></span></div><span style=3D"font-size: =
12pt;"><div align=3D"justify" style=3D"text-align: justify;"><span style=3D=
"font-size: 12pt; background-color: transparent;">This places fabricators i=
n a difficult position. They have to fulfill their backlogs in a rapidly ri=
sing price climate. This will squeeze their margins, and even if they can p=
ass on the cost increases, contractors will not be happy.</span></div></spa=
n><div align=3D"justify" style=3D"text-align: justify;"><br></div><span sty=
le=3D"font-size: 12pt;"><div align=3D"justify" style=3D"text-align: justify=
;"><span style=3D"font-size: 12pt; background-color: transparent;">What's H=
appening with Other Steel Products?</span></div></span></font></font><p sty=
le=3D"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-serif; colo=
r:#000000;line-height:1.7;font-family:Arial,verdana;font-size:12px;padding:=
0px;"></p><p align=3D"justify" style=3D"font-family:Arial,verdana;font-size=
:12px; color:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: j=
ustify;"></p><div align=3D"justify" style=3D"text-align: justify;"><font fa=
ce=3D"Arial, Helvetica"><span style=3D"font-size: 16px;"><br></span></font>=
</div><font color=3D"#000000" face=3D"Arial, Helvetica" style><div align=3D=
"justify" style=3D"color: rgb(0, 0, 0); font-size: 12pt; text-align: justif=
y;"><span style=3D"font-size: 12pt; background-color: transparent;">The buy=
ing frenzy for wire rod has now subsided, and there is no longer a noticeab=
le shortage. Buyers still want import options despite the 50% tariffs, but =
they don't need new steel until the first quarter. While some of the inflat=
ed market prices have retracted, mills have settled at a comfortably profit=
able price level.</span></div><font color=3D"#000000" face=3D"Arial, Helvet=
ica" style><div align=3D"justify" style=3D"text-align: justify;"><span styl=
e=3D"font-size: 16px;"><br></span></div><span style=3D"font-size: 12pt;"><d=
iv align=3D"justify" style=3D"text-align: justify;"><span style=3D"font-siz=
e: 12pt; background-color: transparent;">Beams have remained strong, but me=
rchant bars have been quite soft. Domestic producers have only managed a mo=
dest price increase since June, and the price difference between beams and =
merchant bars remains significant.</span></div></span><div align=3D"justify=
" style=3D"text-align: justify;"><br></div><span style=3D"font-size: 12pt;"=
><div align=3D"justify" style=3D"text-align: justify;"><span style=3D"font-=
size: 12pt; background-color: transparent;">The biggest mystery of all is t=
he flat-rolled market. Prices have been steadily declining since June, drop=
ping by about $40/ton in total. The sentiment remains bearish, even for pro=
ducts that are in short supply, like tinplate, tin-free steel, and thin-gau=
ge coated products. Some attribute the soft prices to the newly added domes=
tic capacity, but this doesn't explain the situation for all flat-rolled pr=
oducts.</span></div></span><div align=3D"justify" style=3D"text-align: just=
ify;"><br></div><span style=3D"font-size: 12pt;"><div align=3D"justify" sty=
le=3D"text-align: justify;"><span style=3D"font-size: 12pt; background-colo=
r: transparent;">Looking Ahead</span></div></span></font></font><p style=3D=
"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-serif; color:#00=
0000;line-height:1.7;font-family:Arial,verdana;font-size:12px;padding:0px;"=
></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdan=
a;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; =
line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=
=3D"font-size: 12pt;color:#000000;"><font color=3D"#000000" face=3D"Arial, =
Helvetica" style=3D"font-size: 12pt;color:#000000;"><br></font></font></p><=
p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font=
-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-h=
eight: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"fo=
nt-size: 12pt;color:#000000;"><font color=3D"#000000" face=3D"Arial, Helvet=
ica" style=3D"font-size: 12pt;color:#000000;"><font color=3D"#000000" face=
=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;">Overall econ=
omic data doesn't point to a major slowdown in the economy or construction =
activity. It suggests that the flat-rolled market should be performing bett=
er than it currently is. The slow demand may be a result of built-up invent=
ories. However, as September approaches, buyers may need to replenish their=
 stock. With import options limited, this pent-up demand could cause prices=
 to pop faster than people currently anticipate.</font></font></font></p><p=
 align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font-=
size:12px; color:#000000;padding:0px;margin: 0;text-align: justify;"></p></=
span><p style=3D"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-=
serif; color:#000000;line-height:1.7;font-family:Arial,verdana;font-size:12=
px;padding:0px;"></p><p align=3D"justify" style=3D"line-height:1.7;font-fam=
ily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-=
align: justify; line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, =
Helvetica" style=3D"font-size: 12pt;color:#000000;"><font color=3D"#000000"=
 face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font>=
</font></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,=
verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: jus=
tify;"></p>

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=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size:=
12px;padding:0px;border:0px;border-collapse:collapse; mso-table-lspace:0pt;=
 mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: 100%;-web=
kit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border-collapse:c=
ollapse; mso-table-lspace:0pt; mso-table-rspace:0pt;border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:19pt;border-top=
:0px none ;   border-bottom:0px none ;padding-top:7px;padding-bottom:7px;pa=
dding-right:15px;padding-left:15px;">
             =09    =09=09<div style><p align=3D"left" style=3D"font-family=
:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-hei=
ght: 16pt; text-align: left;"><font face=3D"Arial, Helvetica"><span style=
=3D"font-size: 24px;"><b>Message from Our CEO!</b></span></font></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>

          <div class=3D"zpelement-wrapper" id=3D"elm_1753894669357" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size:=
12px;padding:0px;border:0px;border-collapse:collapse; mso-table-lspace:0pt;=
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kit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border-collapse:c=
ollapse; mso-table-lspace:0pt; mso-table-rspace:0pt;border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:19pt;border-top=
:0px none ;   border-bottom:0px none ;padding-top:7px;padding-bottom:7px;pa=
dding-right:15px;padding-left:15px;">
             =09    =09=09<div style><p align=3D"justify" style=3D"font-fam=
ily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-=
height: 19pt; text-align: justify;"><font color=3D"#000000" face=3D"Arial, =
Helvetica" style=3D"color:#000000;font-size: 12pt;"><span>

<b><b><font><span>

</span></font></b></b></span></font></p><p align=3D"justify" style=3D"font-=
family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;li=
ne-height: 19pt; text-align: justify;"><font color=3D"#000000" face=3D"Aria=
l, Helvetica" style=3D"color:#000000;font-size: 12pt;"><b><b><font><font co=
lor=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#0=
00000;"><span>

</span></font></font></b></b></font></p><p align=3D"justify" style=3D"line-=
height:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:=
0px;margin: 0;text-align: justify; line-height: 19pt;"><font color=3D"#0000=
00" face=3D"Arial, Helvetica" style=3D"color:#000000;font-size: 12pt;"><b><=
b><font><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-siz=
e: 12pt;color:#000000;"><font color=3D"#000000" face=3D"Arial, Helvetica" s=
tyle=3D"font-size: 12pt;color:#000000;">Payment Terms with StaalX</font></f=
ont></font></b></b></font></p><font color=3D"#000000" face=3D"Arial, Helvet=
ica" style=3D"color:#000000;font-size: 12pt;"><b><b><font><font color=3D"#0=
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</font></font></b></b></font><p align=3D"justify" style=3D"line-height:1.7;=
font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin:=
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ca" style=3D"color:#000000;font-size: 12pt;"><b><b><font>

</font></b></b>

</font><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verd=
ana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify=
;"></p><p align=3D"justify" style=3D"font-family:Arial,verdana;font-size:12=
px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: just=
ify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"color:#000=
000;font-size: 12pt;"><span><b><b><font><br></font></b></b></span></font></=
p><p align=3D"justify" style=3D"font-family:Arial,verdana;font-size:12px; c=
olor:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: justify;"=
><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"color:#000000;f=
ont-size: 12pt;"><span><b><b><font><span>

</span></font></b></b></span></font></p><p align=3D"justify" style=3D"line-=
height:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:=
0px;margin: 0;text-align: justify; line-height: 19pt;"><font color=3D"#0000=
00" face=3D"Arial, Helvetica" style=3D"color:#000000;font-size: 12pt;"><fon=
t style><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-siz=
e: 12pt; color: rgb(0, 0, 0);"><span>

</span></font></font></font></p><p align=3D"justify" style=3D"line-height:1=
.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;marg=
in: 0;text-align: justify; line-height: 19pt;"><font color=3D"#000000" face=
=3D"Arial, Helvetica" style=3D"color:#000000;font-size: 12pt;"><font style>=
<font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;=
 color: rgb(0, 0, 0);"><font color=3D"#000000" face=3D"Arial, Helvetica" st=
yle=3D"font-size: 12pt;color:#000000;"><span>

</span></font></font></font></font></p><p align=3D"justify" style=3D"line-h=
eight:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0=
px;margin: 0;text-align: justify; line-height: 19pt;"><font color=3D"#00000=
0" face=3D"Arial, Helvetica" style=3D"color:#000000;font-size: 12pt;"><font=
 style><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size=
: 12pt; color: rgb(0, 0, 0);"><font color=3D"#000000" face=3D"Arial, Helvet=
ica" style=3D"font-size: 12pt;color:#000000;"><font color=3D"#000000" face=
=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;">StaalX has t=
ransformed the way companies and contractors buy steel&mdash;making it poss=
ible to browse,&nbsp;get an instant quote, purchase and finance steel produ=
cts for a truck load or less, entirely online.&nbsp; From the beginning, St=
aalX's goal has been to make wholesale quantities of steel buying as easy a=
nd as seamless as any other online purchase.</font></font></font></font></f=
ont></p><font color=3D"#000000" face=3D"Arial, Helvetica" style><b style=3D=
"color: rgb(0, 0, 0); font-size: 12pt;"><b><font>

</font></b></b></font><p align=3D"justify" style=3D"line-height:1.7;font-fa=
mily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text=
-align: justify;"></p></div>
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=09=09        <table align=3D"left" border=3D"0" cellpadding=3D"0" cellspac=
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px 15px;text-align:center;padding-top:7px;padding-bottom:7px;padding-right:=
15px;padding-left:15px;">
=09=09=09<a href=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a=
425d352/1c08f772a425c866" style=3D"text-decoration:underline;border:0px;" t=
arget=3D"_blank" zcurl_name=3D"l_3">
=09=09=09<img align=3D"left" alt=3D"https://stratus.campaign-image.com/imag=
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ext-align:left;" vspace=3D"0" width=3D"210">
=09=09=09</a>
=09=09=09</td></tr>
=09=09=09</tbody></table>
=09=09</div>
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=09=09                    </div>=20
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se;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1756412793191" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
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olor:#000000;"></font></p><span>

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or:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: justify;"><=
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font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;c=
olor:#000000;"></font></p><span>

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or:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: justify;"><=
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olor:#000000;"></font></p><span>

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or:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: justify;"><=
font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;c=
olor:#000000;"></font></p><span><p align=3D"justify" style=3D"font-family:A=
rial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-heigh=
t: 17pt; text-align: justify;"><font color=3D"#000000" face=3D"Arial, Helve=
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font></p></span></span></span></span></span></span></span></span></span></s=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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"font-size: 12pt;"></font></p>

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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D=
"font-size: 12pt;color:#000000;"></font></p>

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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D=
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lor:#000000;padding:0px;margin: 0;font-size: 16px; line-height: 17pt; text-=
align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D=
"font-size: 12pt;color:#000000;"></font></p><span style=3D"font-size: 16px;=
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t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;"><span>

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:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-ali=
gn: justify; line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Hel=
vetica" style=3D"font-size: 12pt;color:#000000;"><span style=3D"background-=
color: transparent; font-family: Arial, Helvetica; font-size: 12pt;"><span>

</span></span></font></p><p align=3D"justify" style=3D"font-family:Arial,ve=
rdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 17pt=
; text-align: justify;"><font color=3D"#000000" face=3D"Arial, Helvetica" s=
tyle=3D"font-size: 12pt;color:#000000;"><font color=3D"#000000" face=3D"Ari=
al, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font></font></p><=
/span><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verda=
na;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify;=
"></p><span>

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;"></font></p><span>

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;"><span>

</span></font></p><p align=3D"justify" style=3D"line-height:1.7;font-family=
:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-ali=
gn: justify; line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Hel=
vetica" style=3D"font-size: 12pt;color:#000000;"><font color=3D"#000000" fa=
ce=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font></f=
ont></p></span></span><span>

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;"><span></span></font></p><p align=3D"justify"=
 style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0=
px;margin: 0;line-height: 17pt; text-align: justify;"></p><div align=3D"jus=
tify" style=3D"text-align: justify;"><span style=3D"font-size: 12pt; font-f=
amily: Arial, Helvetica; background-color: transparent;">There's a fascinat=
ing pricing dynamic happening in the U.S. steel market right now. Even with=
in the same product categories, such as rebar and wire rod, or merchant bar=
s and beams, prices have been trending in different directions.</span></div=
><font color=3D"#000000" face=3D"Arial, Helvetica" style><div align=3D"just=
ify" style=3D"text-align: justify;"><span style=3D"font-size: 16px;"><br></=
span></div><font color=3D"#000000" face=3D"Arial, Helvetica" style><div ali=
gn=3D"justify" style=3D"color: rgb(0, 0, 0); font-size: 12pt; text-align: j=
ustify;"><span style=3D"font-size: 12pt; background-color: transparent;">A =
strange divergence is taking place between long products and flat-rolled pr=
oducts. Since the Section 232 tariffs were increased to 50% in June, rebar =
has been the most bullish product. Prices have surged by more than $120/ton=
, and the rally might not be over. Rebar mills are now struggling to keep u=
p with new orders and are delaying some shipments, even in a somewhat modes=
t demand environment. Buyers are concerned that if all the delayed construc=
tion projects get greenlit at once, it could create a significant supply sh=
ortage.</span></div><div align=3D"justify" style=3D"text-align: justify;"><=
span style=3D"font-size: 16px;"><br></span></div><span style=3D"font-size: =
12pt;"><div align=3D"justify" style=3D"text-align: justify;"><span style=3D=
"font-size: 12pt; background-color: transparent;">This places fabricators i=
n a difficult position. They have to fulfill their backlogs in a rapidly ri=
sing price climate. This will squeeze their margins, and even if they can p=
ass on the cost increases, contractors will not be happy.</span></div></spa=
n><div align=3D"justify" style=3D"text-align: justify;"><br></div><span sty=
le=3D"font-size: 12pt;"><div align=3D"justify" style=3D"text-align: justify=
;"><span style=3D"font-size: 12pt; background-color: transparent;">What's H=
appening with Other Steel Products?</span></div></span></font></font><p sty=
le=3D"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-serif; colo=
r:#000000;line-height:1.7;font-family:Arial,verdana;font-size:12px;padding:=
0px;"></p><p align=3D"justify" style=3D"font-family:Arial,verdana;font-size=
:12px; color:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: j=
ustify;"></p><div align=3D"justify" style=3D"text-align: justify;"><font fa=
ce=3D"Arial, Helvetica"><span style=3D"font-size: 16px;"><br></span></font>=
</div><font color=3D"#000000" face=3D"Arial, Helvetica" style><div align=3D=
"justify" style=3D"color: rgb(0, 0, 0); font-size: 12pt; text-align: justif=
y;"><span style=3D"font-size: 12pt; background-color: transparent;">The buy=
ing frenzy for wire rod has now subsided, and there is no longer a noticeab=
le shortage. Buyers still want import options despite the 50% tariffs, but =
they don't need new steel until the first quarter. While some of the inflat=
ed market prices have retracted, mills have settled at a comfortably profit=
able price level.</span></div><font color=3D"#000000" face=3D"Arial, Helvet=
ica" style><div align=3D"justify" style=3D"text-align: justify;"><span styl=
e=3D"font-size: 16px;"><br></span></div><span style=3D"font-size: 12pt;"><d=
iv align=3D"justify" style=3D"text-align: justify;"><span style=3D"font-siz=
e: 12pt; background-color: transparent;">Beams have remained strong, but me=
rchant bars have been quite soft. Domestic producers have only managed a mo=
dest price increase since June, and the price difference between beams and =
merchant bars remains significant.</span></div></span><div align=3D"justify=
" style=3D"text-align: justify;"><br></div><span style=3D"font-size: 12pt;"=
><div align=3D"justify" style=3D"text-align: justify;"><span style=3D"font-=
size: 12pt; background-color: transparent;">The biggest mystery of all is t=
he flat-rolled market. Prices have been steadily declining since June, drop=
ping by about $40/ton in total. The sentiment remains bearish, even for pro=
ducts that are in short supply, like tinplate, tin-free steel, and thin-gau=
ge coated products. Some attribute the soft prices to the newly added domes=
tic capacity, but this doesn't explain the situation for all flat-rolled pr=
oducts.</span></div></span><div align=3D"justify" style=3D"text-align: just=
ify;"><br></div><span style=3D"font-size: 12pt;"><div align=3D"justify" sty=
le=3D"text-align: justify;"><span style=3D"font-size: 12pt; background-colo=
r: transparent;">Looking Ahead</span></div></span></font></font><p style=3D=
"margin: 0;padding: 0px;font-family:Arial, Helvetica, sans-serif; color:#00=
0000;line-height:1.7;font-family:Arial,verdana;font-size:12px;padding:0px;"=
></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdan=
a;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; =
line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=
=3D"font-size: 12pt;color:#000000;"><font color=3D"#000000" face=3D"Arial, =
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p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font=
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=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;">Overall econ=
omic data doesn't point to a major slowdown in the economy or construction =
activity. It suggests that the flat-rolled market should be performing bett=
er than it currently is. The slow demand may be a result of built-up invent=
ories. However, as September approaches, buyers may need to replenish their=
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fy" style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;paddin=
g:0px;margin: 0;line-height: 17pt; text-align: justify;"><font color=3D"#00=
0000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"></=
font></p></span></span></span></span></span></span></span></span></span></s=
pan></span></span></span></span></span></span><p align=3D"justify" style=3D=
"line-height:1.7;font-family:Arial,verdana; color:#000000;padding:0px;margi=
n: 0;font-size: 16px; line-height: 17pt; text-align: justify;"><font color=
=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#0000=
00;"></font></p>

<p align=3D"justify" style=3D"font-family:Arial,verdana;font-size:12px; col=
or:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: justify;"><=
font style=3D"font-size: 12pt;"><b></b></font></p><span><font style=3D"font=
-size: 12pt;">

<b></b></font></span><span>

<p align=3D"justify" style=3D"font-family:Arial,verdana;font-size:12px; col=
or:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: justify;"><=
font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"color: rgb(0, 0, =
0); font-size: 14pt;"><b style>

</b></font></p><span>

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"c=
olor: rgb(0, 0, 0);"><font style><b style><font style=3D"font-size: 14pt;">

</font><b style><font style=3D"font-size: 14pt;">



</font></b></b></font></font></p><p align=3D"justify" style=3D"line-height:=
1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;mar=
gin: 0;text-align: justify; line-height: 17pt;"><span>

</span></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,=
verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: jus=
tify; line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica"=
 style=3D"font-size: 12pt;color:#000000;"></font></p><span>

<p align=3D"justify" style=3D"font-family:Arial,verdana;font-size:12px; col=
or:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: justify;"><=
span style=3D"background-color: transparent; font-family: Arial, Helvetica;=
 font-size: 12pt;"><span>

</span></span></p><p align=3D"justify" style=3D"line-height:1.7;font-family=
:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-ali=
gn: justify; line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Hel=
vetica" style=3D"font-size: 12pt;color:#000000;">That means removing fricti=
on at every step, from getting a quote, delivering and financing the purcha=
se of our customers.</font></p>

</span><div align=3D"justify" style=3D"text-align: justify;"><br></div></sp=
an><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;=
font-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify;"><=
/p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;=
font-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; li=
ne-height: 17pt;"><span style=3D"background-color: transparent; font-family=
: Arial, Helvetica; font-size: 12pt;">As pioneers in steel ecommerce, the S=
taalX team is committed to making every part of the steel purchasing experi=
ence easier for our&nbsp;buyers. This includes adopting innovative payment =
solutions.&nbsp;</span></p><p align=3D"justify" style=3D"line-height:1.7;fo=
nt-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0=
;text-align: justify; line-height: 17pt;"><font color=3D"#000000" face=3D"A=
rial, Helvetica" style=3D"font-size: 12pt;color:#000000;"><br></font></p><p=
 align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font-=
size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-he=
ight: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"fon=
t-size: 12pt;color:#000000;">With our secure&nbsp;checkout, our buyers don&=
rsquo;t have to get out their checkbooks. They sign in with the same bank u=
sername and password they use every day, connect their bank to StaalX and m=
ake their payment automatically in 30 days after purchase for&nbsp;Net 30 d=
ays payment terms.&nbsp;&nbsp;</font><span style=3D"background-color: trans=
parent; font-family: Arial, Helvetica; font-size: 12pt;">&nbsp;</span></p><=
p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font=
-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-h=
eight: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"fo=
nt-size: 12pt;color:#000000;"><br></font></p><p align=3D"justify" style=3D"=
line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;pad=
ding:0px;margin: 0;text-align: justify; line-height: 17pt;"><font color=3D"=
#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"=
>StaalX's &quot;Pay Later&quot; fee is 1% for Net 30 days payments.&nbsp; N=
ext, we will roll out Net 60, Net 90 days payments, and other creative Pay =
Later options as part of our mission to provide value to both buyers and se=
llers by making transactions simpler through innovative technologies.&nbsp;=
&nbsp;</font></p><p align=3D"justify" style=3D"line-height:1.7;font-family:=
Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-alig=
n: justify; line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helv=
etica" style=3D"font-size: 12pt;color:#000000;"><br></font></p><p align=3D"=
justify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px;=
 color:#000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt=
;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12=
pt;color:#000000;">Stay tuned.&nbsp; &nbsp;</font></p></span><font color=3D=
"#000000" face=3D"Arial, Helvetica" style><span style=3D"font-size: 12pt;">=
<div align=3D"justify" style=3D"text-align: justify;"><span style=3D"font-s=
ize: 12pt; background-color: transparent;">See you at StaalX.com!</span></d=
iv></span><div align=3D"justify" style=3D"text-align: justify;"><br></div><=
span style=3D"font-size: 12pt;"><div align=3D"justify" style=3D"text-align:=
 justify;"><span style=3D"font-size: 12pt; background-color: transparent;">=
Warmly,</span></div></span><div align=3D"justify" style=3D"text-align: just=
ify;"><br></div><span style=3D"font-size: 12pt;"><div align=3D"justify" sty=
le=3D"text-align: justify;"><span style=3D"font-size: 12pt; background-colo=
r: transparent;">Murat Askin</span></div></span><span style=3D"font-size: 1=
2pt;"><div align=3D"justify" style=3D"text-align: justify;"><span style=3D"=
font-size: 12pt; background-color: transparent;">Founder and CEO</span></di=
v></span></font><p align=3D"justify" style=3D"line-height:1.7;font-family:A=
rial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align=
: justify;"></p>

<font face=3D"Arial, Helvetica" style=3D"font-size: 12pt;"><font face=3D"Ar=
ial, Helvetica" style=3D"font-size: 12pt;"><p align=3D"justify" style=3D"li=
ne-height:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;paddi=
ng:0px;margin: 0;text-align: justify; line-height: 17pt;"><span style=3D"ba=
ckground-color: transparent; font-size: 12pt; font-family: Arial, Helvetica=
;"></span></p></font></font><p align=3D"justify" style=3D"line-height:1.7;f=
ont-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: =
0;text-align: justify;"></p><p align=3D"justify" style=3D"line-height:1.7;f=
ont-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: =
0;text-align: justify;"></p>

<p align=3D"justify" style=3D"font-family:Arial,verdana;font-size:12px; col=
or:#000000;padding:0px;margin: 0;line-height: 17pt; text-align: justify;"><=
font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;c=
olor:#000000;"></font></p>

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t;"></span></p>

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</span></span>

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</span></font></font></font></font></b></font></font></font></font></b></fo=
nt><b>

</b></p><p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000=
;padding:0px;margin: 0;line-height: 17pt;"></p><p style=3D"font-family:Aria=
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000;padding:0px;margin: 0;line-height: 17pt;"></p><p style=3D"font-family:A=
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t: 17pt;"></p><p style=3D"font-family:Arial,verdana;font-size:12px; color:#=
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r:#000000;padding:0px;margin: 0;line-height: 17pt;"></p></div></div></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
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ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
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se;" valign=3D"top">

=09    =09<table bgcolor=3D"transparent" border=3D"0" cellpadding=3D"0" cel=
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=09    <tbody><tr>
=09=09<td class=3D"txtsize" style=3D"border-collapse:collapse; mso-table-ls=
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            =09<div class=3D"zpelement-wrapper image" coupcmp id=3D"elm_175=
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=09=09=09<div>
=09=09        <table align=3D"left" border=3D"0" cellpadding=3D"0" cellspac=
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            =09=09<tbody><tr><td class=3D"paddingcomp" style=3D"border-coll=
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=09=09=09<img align=3D"left" alt=3D"https://stratus.campaign-image.com/imag=
es/867215000021091004_zc_v1_1753289640163_screenshot_2025_07_23_114912.png"=
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:570px !important;border:0px;text-align:left;" vspace=3D"0" width=3D"570">
=09=09=09</td></tr>
=09=09=09</tbody></table>
=09=09</div>
            </div>
            </td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1754510152623" style=3D" mso-table-lspa=
ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
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se;" valign=3D"top">

=09=09
=09=09=09 <div class=3D"zpelement-wrapper divider" id=3D"elm_1754510152623"=
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=09=09=09 <table bgcolor border=3D"0" cellpadding=3D"0" cellspacing=3D"0" c=
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=09=09=09 <tbody><tr><td class=3D"txtsize" style=3D" mso-table-lspace:0pt; =
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=09=09=09=09=09<div class=3D"divider" componentborder=3D"#9babab" style=3D"=
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=3D"0" border-color=3D"#9babab" cellpadding=3D"0" cellspacing=3D"0" class=
=3D"dvdrtbl" style=3D"border-collapse:collapse;border-collapse:collapse; ms=
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=3D"center" border-size=3D"1px" height=3D"0" style=3D"border-collapse:colla=
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0%">       </td> </tr></tbody></table></div>
=09=09=09</td></tr></tbody></table>
=09=09=09</div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1754510000229" style=3D" mso-table-lspa=
ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
rspace:0pt;font-size:12px;border:0px;padding:0px 0px;border-collapse:collap=
se;" valign=3D"top">

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=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size:=
12px;padding:0px;border:0px;border-collapse:collapse; mso-table-lspace:0pt;=
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kit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border-collapse:c=
ollapse; mso-table-lspace:0pt; mso-table-rspace:0pt;border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:19pt;border-top=
:0px none ;   border-bottom:0px none ;padding-top:7px;padding-bottom:7px;pa=
dding-right:15px;padding-left:15px;">
             =09    =09=09<div style><p style=3D"font-family:Arial,verdana;=
font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 25pt; text=
-align: left;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"c=
olor: rgb(0, 0, 0); font-size: 16pt;"><b style><span>

<span>

<span>

=F0=9F=92=A1 Still Buying Steel the Old Way?

</span>

</span>

</span></b></font></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1755114393571" style=3D" mso-table-lspa=
ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
rspace:0pt;font-size:12px;border:0px;padding:0px 0px;border-collapse:collap=
se;" valign=3D"top">

          <div class=3D"zpelement-wrapper" id=3D"elm_1755114393571" style=
=3D";word-wrap:break-word;overflow:hidden;padding-right:0px;background-colo=
r:;">
=09    =09<table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" class=3D"=
zpAlignPos" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size:=
12px;padding:0px;border:0px;border-collapse:collapse; mso-table-lspace:0pt;=
 mso-table-rspace:0pt;word-break:break-word;-ms-text-size-adjust: 100%;-web=
kit-text-size-adjust: 100%;" width=3D"100%">
=09  =09
            <tbody><tr><td class=3D"paddingcomp" style=3D"border-collapse:c=
ollapse; mso-table-lspace:0pt; mso-table-rspace:0pt;border:0px;padding:7px =
15px;font-size:12pt;font-family:Arial,Helvetica;line-height:19pt;border-top=
:0px none ;   border-bottom:0px none ;padding-top:7px;padding-bottom:7px;pa=
dding-right:15px;padding-left:15px;">
             =09    =09=09<div style><p align=3D"justify" style=3D"line-hei=
ght:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px=
;margin: 0;text-align: justify; line-height: 19pt;"><span><font style=3D"fo=
nt-size: 12pt;">

<span>

<span>

</span></span></font></span></p><p style=3D"font-family:Arial,verdana;font-=
size:12px; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-alig=
n: left;"><font style=3D"font-size: 12pt;"><font color=3D"#000000" face=3D"=
Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"></font></font></=
p><span>

<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height: 19pt; text-align: left;"><font color=3D"#000000=
" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;">You De=
serve Better.</font></p><p style=3D"font-family:Arial,verdana;font-size:12p=
x; color:#000000;padding:0px;margin: 0;line-height: 19pt; text-align: left;=
"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12p=
t;color:#000000;"><br></font></p>
<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height: 19pt; text-align: left;"><font color=3D"#000000=
" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;">Chasin=
g quotes. Endless calls. Missed deliveries.<br>
That&rsquo;s the old way of sourcing steel.</font></p><p style=3D"font-fami=
ly:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-h=
eight: 19pt; text-align: left;"><font color=3D"#000000" face=3D"Arial, Helv=
etica" style=3D"font-size: 12pt;color:#000000;"><br></font></p>
<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height: 19pt; text-align: left;"><font color=3D"#000000=
" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"><stron=
g>StaalX makes it simple:</strong></font></p>
<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height: 19pt; text-align: left;"><font color=3D"#000000=
" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;">=E2=9C=
=85 Real-time pricing &ndash; no waiting<br>
=E2=9C=85 Transparent freight + lead times<br>
=E2=9C=85 One-stop checkout &mdash; like Amazon, but for steel<br>
=E2=9C=85 Smart tools built for buyers & fabricators</font></p><p style=3D"=
font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin:=
 0;line-height: 19pt; text-align: left;"><font color=3D"#000000" face=3D"Ar=
ial, Helvetica" style=3D"font-size: 12pt;color:#000000;"><br></font></p>
<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height: 19pt; text-align: left;"><font color=3D"#000000=
" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;">=F0=9F=
=94=97 Try It Now on <a alt=3D"www.staalx.com" href=3D"https://qprdy-zgpvh.=
maillist-manage.net/click/1c08f772a425d352/1c08f772a425c868" rel=3D"noopene=
r noreferrer" style=3D"text-decoration:underline;color: rgb(0, 0, 0);" targ=
et=3D"_blank" title=3D"www.staalx.com" zcurl_name=3D"l_4"><font color=3D"#0=
00000" style=3D"color:#000000;">www.staalx.com</font></a></font></p><p styl=
e=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;ma=
rgin: 0;line-height: 19pt; text-align: left;"><font color=3D"#000000" face=
=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"><strong></st=
rong></font></p>
<p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;line-height: 19pt; text-align: left;"><font color=3D"#000000=
" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;">=F0=9F=
=93=A6 Whether you buy rebar, mesh, or wire rod &mdash; we&rsquo;ve got you=
 covered.</font></p>

</span><font style><p style=3D"line-height:1.7;font-family:Arial,verdana; c=
olor:#000000;padding:0px;margin: 0;font-size: 12pt; line-height: 19pt; text=
-align: left;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;"></font></p></font><p style=3D"margin: 0;padd=
ing: 0px;font-family:Arial, Helvetica, sans-serif; color:#000000;line-heigh=
t:1.7;font-family:Arial,verdana;font-size:12px;padding:0px;"></p></div>
=09=09=09</td></tr>
=09=09</tbody></table>
       =09  </div>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1722547708645" style=3D" mso-table-lspa=
ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
rspace:0pt;font-size:12px;border:0px;padding:0px 0px;border-collapse:collap=
se;" valign=3D"top">

=09    =09<table bgcolor=3D"transparent" border=3D"0" cellpadding=3D"0" cel=
lspacing=3D"0" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-si=
ze:12px;border:0px;padding:0px;width:100%;border-collapse:collapse; mso-tab=
le-lspace:0pt; mso-table-rspace:0pt;word-break:break-word;background-color:=
transparent;">
=09    <tbody><tr>
=09=09<td class=3D"txtsize" style=3D"border-collapse:collapse; mso-table-ls=
pace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-tabl=
e-rspace:0pt;font-size:12px;border:0px;padding:0px 0px;border-top:none none=
 none ;border-bottom:none none none;">
            =09<div class=3D"zpelement-wrapper image" coupcmp id=3D"elm_172=
2547708645" prodcmp style=3D";word-wrap:break-word;overflow:hidden;padding:=
0px;background-color:transparent;">
=09=09=09<div>
=09=09        <table align=3D"left" border=3D"0" cellpadding=3D"0" cellspac=
ing=3D"0" class=3D"zpAlignPos" style=3D" mso-table-lspace:0pt; mso-table-rs=
pace:0pt;font-size:12px;text-align:left;width:100%;padding:0px;border:0px;b=
order-collapse:collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;word-br=
eak:break-word;width:100%;text-align:left;">
            =09=09<tbody><tr><td class=3D"paddingcomp" style=3D"border-coll=
apse:collapse; mso-table-lspace:0pt; font-size:12px;font-family:Arial, Helv=
etica, sans-serif; mso-table-rspace:0pt;font-size:12px;border:0px;padding:7=
px 15px;text-align:center;padding-top:7px;padding-bottom:7px;padding-right:=
15px;padding-left:15px;">
=09=09=09<a href=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a=
425d352/1c08f772a425c86a" style=3D"text-decoration:underline;border:0px;" t=
arget=3D"_blank" zcurl_name=3D"l_5">
=09=09=09<img align=3D"left" alt=3D"StaalX Linkedin" class=3D"zpImage" heig=
ht=3D"auto" hspace=3D"0" size=3D"F" src=3D"https://stratus.campaign-image.c=
om/images/867215000021091004_zc_v1_1753894632946_screenshot_2025_07_28_1644=
02.png" style=3D"width:570px;height:autopx;max-width:570px !important;borde=
r:0px;text-align:left;" vspace=3D"0" width=3D"570">
=09=09=09</a>
=09=09=09</td></tr>
=09=09=09</tbody></table>
=09=09</div>
            </div>
            </td></tr></tbody></table>
</td></tr>
<tr><td class=3D"txtsize" id=3D"elm_1755114530450" style=3D" mso-table-lspa=
ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
rspace:0pt;font-size:12px;border:0px;padding:0px 0px;border-collapse:collap=
se;" valign=3D"top">

=09=09=09
=09=09 =09       =20
=09=09           =20
=09=09 =20



















=09<table bgcolor=3D"transparent" cellpadding=3D"0" cellspacing=3D"0" style=
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g-bottom:7px;padding-right:15px;padding-left:15px;">
        <div class=3D"zpelement-wrapper buttonElem" id=3D"elm_1755114530450=
" style=3D"overflow:hidden;word-wrap:break-word;">
=09    <div class=3D"zpAlignPos" style=3D"text-align:center;">
                <table align=3D"center" cellpadding=3D"0" cellspacing=3D"0"=
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                <tbody><tr>
                   <td align=3D"center" class=3D"txtsize" style=3D"border-c=
ollapse:collapse; mso-table-lspace:0pt; font-size:12px; mso-table-rspace:0p=
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t-align:center;border-radius:4px;text-align:center;cursor:pointer;">
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ollapse; mso-table-lspace:0pt; mso-table-rspace:0pt;border:0px;padding:7px =
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             =09    =09=09<div componentlineheight=3D"17pt" style=3D"line-h=
eight: 17pt;"><p align=3D"justify" style=3D"line-height:1.7;font-family:Ari=
al,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: =
justify;"><span>




















</span></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,=
verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: jus=
tify; line-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica"=
 style=3D"color: rgb(0, 0, 0); font-size: 14pt;"><b><span><span><span><span=
><span><span><span><span>US import rebar and wire rod pricing resumes upwar=
d trend on continuing supply issues</span></span></span></span></span></spa=
n></span></span></b></font></p>

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"MS Serif, New York, serif" s=
tyle=3D"font-size: 12pt;color:#000000;">Thursday, 21 August 2025 19:09:11 (=
GMT+3) San Diego</font></p>

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;">&nbsp;</font></p>

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial, Helvetic=
a; background-color: transparent;"><span>US import rebar and wire rod prici=
ng resumed upward movement this week, fueled by reports that record low fin=
ished steel imports continue to reduce available supply, market insiders to=
ld SteelOrbis. The combination of ongoing 50 percent steel import tariffs a=
nd the enhanced importer risk associated with ongoing anti-dumping cases cu=
rrently under review by the US Department of Commerce (DOC), continues to l=
imit the amount of material available, they said.</span></span></p><p align=
=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:1=
2px; color:#000000;padding:0px;margin: 0;text-align: justify; line-height: =
17pt;"><span style=3D"font-size: 12pt; font-family: Arial, Helvetica; backg=
round-color: transparent;"><span><br></span></span></p><p align=3D"justify"=
 style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#=
000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><span=
 style=3D"font-size: 12pt; font-family: Arial, Helvetica; background-color:=
 transparent;"><span><span>&ldquo;There&rsquo;s very limited sources of sup=
ply available to the market right now,&rdquo; remarked one US Gulf Coast im=
porter. &ldquo;Record low imports are likely to continue over the next 6 mo=
nths or so, as additional anti-dumping cases get settled.&rdquo;</span><br>=
</span></span></p><p align=3D"justify" style=3D"line-height:1.7;font-family=
:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-ali=
gn: justify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-famil=
y: Arial, Helvetica; background-color: transparent;"><span><span><br></span=
></span></span></p><p align=3D"justify" style=3D"line-height:1.7;font-famil=
y:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-al=
ign: justify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-fami=
ly: Arial, Helvetica; background-color: transparent;"><span><span><span>On =
August 12, media reports indicate a preliminary anti-dumping margin of 18.8=
7 percent was assigned for Colakoglu Metalurji A.S and Colakoglu Dis Ticare=
t A.S. of Turkey, with the DOC finding they sold rebar at less than fair va=
lue during the period of July 1, 2023 through June 30, 2024. The final resu=
lts of the investigation are expected within 120 days. The previous AD rate=
 for the company stood at 1.13 percent, while the minimal rates for other T=
urkish mills were at 1.02 to 3.9 percent and up to 25.83 percent as highest=
.</span><br></span></span></span></p><p align=3D"justify" style=3D"line-hei=
ght:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px=
;margin: 0;text-align: justify; line-height: 17pt;"><span style=3D"font-siz=
e: 12pt; font-family: Arial, Helvetica; background-color: transparent;"><sp=
an><span><span><br></span></span></span></span></p><p align=3D"justify" sty=
le=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#0000=
00;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><span sty=
le=3D"font-size: 12pt; font-family: Arial, Helvetica; background-color: tra=
nsparent;"><span><span><span><span>&ldquo;Colakoglu-Metrade has material on=
 the ground but they are running out of sizes and also not quoting due to h=
igh (anti dumping duties),&rdquo; a second import insider told SteelOrbis. =
&ldquo;They have a ship coming into Houston in October, but that&rsquo;s al=
l I&rsquo;ve heard.&rdquo;</span><br></span></span></span></span></p><p ali=
gn=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size=
:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-height=
: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial, Helvetica; bac=
kground-color: transparent;"><span><span><span><span><br></span></span></sp=
an></span></span></p><p align=3D"justify" style=3D"line-height:1.7;font-fam=
ily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-=
align: justify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-fa=
mily: Arial, Helvetica; background-color: transparent;"><span><span><span><=
span><span>This week, import rebar on a loaded truck basis on the US Gulf C=
oast is discussed at $43-44/cwt., ($860-880/nt or $948-970/mt), or on avera=
ge $43.50/cwt., up from $41.00-43.00/cwt., ($820-860/nt or $904-948/mt), on=
e week prior. On the US East Coast, import rebar gained a bit less, insider=
s said, settling the week about $1.00/cwt., higher at $43.00-46.00/cwt., ($=
860-920/nt or $948-1,014/mt) amid continued reports suppliers are seeing re=
ductions on some sizes of rebar product as imports wane and domestic mills =
struggle to fill a growing supply gap.</span><br></span></span></span></spa=
n></span></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Aria=
l,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: j=
ustify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-family: Ar=
ial, Helvetica; background-color: transparent;"><span><span><span><span><sp=
an><br></span></span></span></span></span></span></p><p align=3D"justify" s=
tyle=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#00=
0000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><span s=
tyle=3D"font-size: 12pt; font-family: Arial, Helvetica; background-color: t=
ransparent;"><span><span><span><span><span><span>Insiders say as ongoing AD=
 cases and tariffs continue to cloud the near to midterm supply outlook, im=
porters are &ldquo;looking at future supplies from Oman, UAE, as well as Tu=
rkey.&rdquo; They added that some of their colleagues are surprised that th=
e outlook for September scrap in the US is not &ldquo;through the roof&rdqu=
o; as a result of continued low imports.</span><br></span></span></span></s=
pan></span></span></p><p align=3D"justify" style=3D"line-height:1.7;font-fa=
mily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text=
-align: justify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-f=
amily: Arial, Helvetica; background-color: transparent;"><span><span><span>=
<span><span><span><br></span></span></span></span></span></span></span></p>=
<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-=
height: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial, Helvetic=
a; background-color: transparent;"><span><span><span><span><span><span><spa=
n>At last report, US local scrap contacts are calling September scrap sidew=
ays to potentially down next month as demand for scrap is expected to be re=
duced starting in September as many US mills begin yearly scheduled mainten=
ance operations that last through December. Some insiders caution reduced i=
mport flexibility could make current import long steel markets more suscept=
ible to price spikes, especially if domestic demand improves.</span><br></s=
pan></span></span></span></span></span></span></p><p align=3D"justify" styl=
e=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#00000=
0;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><span styl=
e=3D"font-size: 12pt; font-family: Arial, Helvetica; background-color: tran=
sparent;"><span><span><span><span><span><span><span><br></span></span></spa=
n></span></span></span></span></span></p><p align=3D"justify" style=3D"line=
-height:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding=
:0px;margin: 0;text-align: justify; line-height: 17pt;"><span style=3D"font=
-size: 12pt; font-family: Arial, Helvetica; background-color: transparent;"=
><span><span><span><span><span><span><span><span>&ldquo;Order intake increa=
ses at US mills should see stronger scrap prices, but we&rsquo;re not seein=
g that,&rdquo; remarked the SteelOrbis insider. &ldquo;What I see on the lo=
ng steel import side is that domestic rebar seems to be a little tighter an=
d that mills are busier,&rdquo; he said. &ldquo;With the tariffs in place w=
hat it means for importers is that barely any trades are getting done. With=
 any kind of unexpected demand increase, things could get really interestin=
g, especially if US mills start to lag behind in their deliveries. As it st=
ands now, importers are basically waiting for US prices to rise, so as to e=
nable imports to resume with the current 50 percent tariffs in place.&rdquo=
;</span><br></span></span></span></span></span></span></span></span></p><p =
align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font-s=
ize:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-hei=
ght: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial, Helvetica; =
background-color: transparent;"><span><span><span><span><span><span><span><=
span><br></span></span></span></span></span></span></span></span></span></p=
><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fo=
nt-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line=
-height: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial, Helveti=
ca; background-color: transparent;"><span><span><span><span><span><span><sp=
an><span><span>As supplies continue to tighten, insiders told SteelOrbis th=
at reports are beginning to circulate in steel trading circles about the st=
rong possibility of another rebar price increase of about $40/nt ($44/mt), =
or $2.00/cwt., from US mills toward the end of August. And, while not repre=
sentative of the majority of weekly trade, insiders reported to SteelOrbis =
that Nucor sold small single truckloads of domestic rebar as high as $46.50=
/cwt.</span><br></span></span></span></span></span></span></span></span></s=
pan></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,ver=
dana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: justif=
y; line-height: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial, =
Helvetica; background-color: transparent;"><span><span><span><span><span><s=
pan><span><span><span><br></span></span></span></span></span></span></span>=
</span></span></span></p><p align=3D"justify" style=3D"line-height:1.7;font=
-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;t=
ext-align: justify; line-height: 17pt;"><span style=3D"font-size: 12pt; fon=
t-family: Arial, Helvetica; background-color: transparent;"><span><span><sp=
an><span><span><span><span><span><span><span>On the tariff front, importers=
 expressed concern that this week&rsquo;s announcement from the US Trump ad=
ministration that steel derivative products, including electrical steel lam=
ination and cores, as well as certain stainless steel automotive exhaust pa=
rts, would be added to products subject to 50 percent Section 232 tariffs, =
could further reduce already low import activity.</span><br></span></span><=
/span></span></span></span></span></span></span></span></p><p align=3D"just=
ify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; col=
or:#000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><=
span style=3D"font-size: 12pt; font-family: Arial, Helvetica; background-co=
lor: transparent;"><span><span><span><span><span><span><span><span><span><s=
pan><br></span></span></span></span></span></span></span></span></span></sp=
an></span></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Ari=
al,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: =
justify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-family: A=
rial, Helvetica; background-color: transparent;"><span><span><span><span><s=
pan><span><span><span><span><span><span>&ldquo;From an importers&rsquo; sta=
ndpoint, there&rsquo;s just too much risk right now given what&rsquo;s goin=
g on with Section 232 tariffs and ongoing AD cases,&rdquo; he said. &ldquo;=
Personally, I remain very hesitant to assume that level of risk.&rdquo;</sp=
an><br></span></span></span></span></span></span></span></span></span></spa=
n></span></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Aria=
l,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: j=
ustify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-family: Ar=
ial, Helvetica; background-color: transparent;"><span><span><span><span><sp=
an><span><span><span><span><span><span><br></span></span></span></span></sp=
an></span></span></span></span></span></span></span></p><p align=3D"justify=
" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:=
#000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><spa=
n style=3D"font-size: 12pt; font-family: Arial, Helvetica; background-color=
: transparent;"><span><span><span><span><span><span><span><span><span><span=
><span><span>In the Mexican long steel markets, while 50 percent tariffs re=
main in place, pre-tariff rebar available vicinity Houston, Texas, on a loa=
ded truck basis is discussed little changed at $40-42/cwt., ($800-840/nt or=
 $937/mt to $959/mt), compared with earlier weekly estimates at $40-43/cwt.=
, insiders said. As Mexico continues to deal with high export tariffs to th=
e US, one Mexican trader told SteelOrbis that their direct sales of long st=
eel to Canada via ship and rail have increase four-fold, helping to support=
 recent price stability in the North Region in the face of unremarkable loc=
al demand.</span><br></span></span></span></span></span></span></span></spa=
n></span></span></span></span></p><p align=3D"justify" style=3D"line-height=
:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;ma=
rgin: 0;text-align: justify; line-height: 17pt;"><span style=3D"font-size: =
12pt; font-family: Arial, Helvetica; background-color: transparent;"><span>=
<span><span><span><span><span><span><span><span><span><span><span><br></spa=
n></span></span></span></span></span></span></span></span></span></span></s=
pan></span></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Ar=
ial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align:=
 justify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-family: =
Arial, Helvetica; background-color: transparent;"><span><span><span><span><=
span><span><span><span><span><span><span><span><span>In the imported wire r=
od markets, spot pricing gained a bit this week with wire rod mesh on a DDP=
 loaded truck USGC basis reported about $0.50/cwt., higher at $42.50-43.50/=
cwt., ($850-870/nt or $937-959/mt), up from $42.00-43.00/cwt., ($840-860/nt=
 or $926-948/mt), against stable ex-mill delivered domestic Midwest supply =
pricing reports at $46.50-$47.50/cwt., ($930-950/nt or $1,025-1,047/mt).</s=
pan><br></span></span></span></span></span></span></span></span></span></sp=
an></span></span></span></p><p align=3D"justify" style=3D"line-height:1.7;f=
ont-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: =
0;text-align: justify; line-height: 17pt;"><span style=3D"font-size: 12pt; =
font-family: Arial, Helvetica; background-color: transparent;"><span><span>=
<span><span><span><span><span><span><span><span><span><span><span><br></spa=
n></span></span></span></span></span></span></span></span></span></span></s=
pan></span></span></p><p align=3D"justify" style=3D"line-height:1.7;font-fa=
mily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text=
-align: justify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-f=
amily: Arial, Helvetica; background-color: transparent;"><span><span><span>=
<span><span><span><span><span><span><span><span><span><span><span>&ldquo;We=
&rsquo;re hearing reports of tight wire rod supply and rising freight rates=
 on shipping,&rdquo; said the SteelOrbis insider. &ldquo;So basically, with=
 a lack of shipments,&nbsp;<span>buyers have less options, because there is=
 less competition among shippers.&rdquo;</span></span><br></span></span></s=
pan></span></span></span></span></span></span></span></span></span></span><=
/span></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,v=
erdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: just=
ify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial=
, Helvetica; background-color: transparent;"><br></span></p><p align=3D"jus=
tify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; co=
lor:#000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;">=
<font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;=
color:#000000;"><br></font></p><p align=3D"justify" style=3D"font-family:Ar=
ial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height=
: 17pt; text-align: justify;"><font color=3D"#000000" style=3D"color: rgb(0=
, 0, 0);">




















</font></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,=
verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: jus=
tify; font-family: Arial, Helvetica; line-height: 17pt;"><font color=3D"#00=
0000" style=3D"color: rgb(0, 0, 0);"><font color=3D"#000000" face=3D"Arial,=
 Helvetica" style=3D"color: rgb(0, 0, 0); font-size: 14pt;"><b><span><span>=
<span><span><span><span><span>US domestic rebar and wire rod both flat for =
the fourth consecutive week</span></span></span></span></span></span></span=
></b></font></font></p><font color=3D"#000000" style=3D"color: rgb(0, 0, 0)=
;">

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; font-=
size: 12pt; line-height: 17pt;"><font color=3D"#000000" face=3D"MS Serif, N=
ew York, serif" style=3D"font-size: 12pt; color: rgb(0, 0, 0);">Friday, 22 =
August 2025 00:20:33 (GMT+3) San Diego</font></p>

<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; font-=
family: Arial, Helvetica; font-size: 12pt; line-height: 17pt;"><font color=
=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#0000=
00;">&nbsp;</font></p><p align=3D"justify" style=3D"line-height:1.7;font-fa=
mily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text=
-align: justify; font-family: Arial, Helvetica; font-size: 12pt; line-heigh=
t: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-s=
ize: 12pt;color:#000000;"><span><span><span><span><span><span><span><span>U=
S domestic rebar and wire rod remain flat this week as scrap stays sideways=
 as we get closer to September. Many have described this stable market as a=
 &ldquo;summer slump&rdquo; or &ldquo;the summer doldrums&quot;. Domestic d=
emand is still driven by a strong construction sector and infrastructure sp=
ending.&nbsp;</span></span></span></span></span></span></span></span></font=
></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdan=
a;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; =
font-family: Arial, Helvetica; font-size: 12pt; line-height: 17pt;"><font c=
olor=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#=
000000;"><span><span><span><span><span><span><span><span><br></span></span>=
</span></span></span></span></span></span></font></p><p align=3D"justify" s=
tyle=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#00=
0000;padding:0px;margin: 0;text-align: justify; font-family: Arial, Helveti=
ca; font-size: 12pt; line-height: 17pt;"><font color=3D"#000000" face=3D"Ar=
ial, Helvetica" style=3D"font-size: 12pt;color:#000000;"><span><span><span>=
<span><span><span><span><span>In the weekly rebar spot markets, domestic su=
pply on an FOB mill basis was assessed with most transactions noted at $43.=
50-44.50/cwt, ($870-890/nt or $959-981/mt), on average $44.00/cwt, ($880/nt=
 or $970/mt), unchanged from seven days ago. &ldquo;Despite the flat pricin=
g over the last few weeks, rebar is trending up,&rdquo; according to a Stee=
lOrbis insider. Overall, taking into account the diminishing import volumes=
 due to the valid minimum 50 percent restrictions, many expect that the dom=
estic rebar prices might strengthen in the future, but for now they are hel=
d back by the sideways scrap and seasonally limited trade.</span></span></s=
pan></span></span></span></span></span></font></p><p align=3D"justify" styl=
e=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#00000=
0;padding:0px;margin: 0;text-align: justify; font-family: Arial, Helvetica;=
 font-size: 12pt; line-height: 17pt;"><font color=3D"#000000" face=3D"Arial=
, Helvetica" style=3D"font-size: 12pt;color:#000000;"><span><span><span><sp=
an><span><span><span><span><br></span></span></span></span></span></span></=
span></span></font></p><p align=3D"justify" style=3D"line-height:1.7;font-f=
amily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;tex=
t-align: justify; font-family: Arial, Helvetica; font-size: 12pt; line-heig=
ht: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-=
size: 12pt;color:#000000;"><span><span><span><span><span><span><span><span>=
In the domestic wire rod market, domestic supply on an FOB mill basis was a=
ssessed with most transactions reported this week at $46.50-47.50/cwt ($930=
-950/nt or $1,025-1,047/mt), or an average of $47.00/cwt ($940/nt or $1,036=
/mt), unchanged from seven days ago. &quot;Wire rod is trending neutral,&rd=
quo; the SteelOrbis insider continued.</span></span></span></span></span></=
span></span></span></font></p><p align=3D"justify" style=3D"line-height:1.7=
;font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin=
: 0;text-align: justify; font-family: Arial, Helvetica; font-size: 12pt; li=
ne-height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=
=3D"font-size: 12pt;color:#000000;"><span><span><span><span><span><span><sp=
an><br></span></span></span></span></span></span></span></font></p><p align=
=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:1=
2px; color:#000000;padding:0px;margin: 0;text-align: justify; font-family: =
Arial, Helvetica; font-size: 12pt; line-height: 17pt;"><font color=3D"#0000=
00" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"><spa=
n><span><span><span><span><span><span><br></span></span></span></span></spa=
n></span></span></font></p><p align=3D"justify" style=3D"line-height:1.7;fo=
nt-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0=
;text-align: justify; font-family: Arial, Helvetica; font-size: 12pt; line-=
height: 17pt;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"f=
ont-size: 12pt;color:#000000;"><span><span><span><span><span><span><span><s=
pan>

</span></span></span></span></span></span></span></span></font></p><p style=
=3D"font-family:Arial,verdana;font-size:12px; color:#000000;padding:0px;mar=
gin: 0;line-height: 17pt; text-align: left;"><font color=3D"#000000" face=
=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#000000;"><font color=
=3D"#000000" face=3D"Arial, Helvetica" style=3D"font-size: 12pt;color:#0000=
00;"><font><font><b><span><span>September US scrap seen sideways to down on=
 declining flat steel, August scrap overhang</span></span></b></font></font=
></font></font></p><font color=3D"#000000" face=3D"Arial, Helvetica" style=
=3D"font-size: 12pt;color:#000000;"><font><p style=3D"font-family:Arial,ver=
dana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 17pt;=
 text-align: left;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=
=3D"font-size: 12pt;color:#000000;"><font>Thursday, 21 August 2025 23:11:42=
 (GMT+3) San Diego</font></font></p><p style=3D"font-family:Arial,verdana;f=
ont-size:12px; color:#000000;padding:0px;margin: 0;line-height: 17pt; text-=
align: left;"><font color=3D"#000000" face=3D"Arial, Helvetica" style=3D"fo=
nt-size: 12pt;color:#000000;"><font>&nbsp;</font></font></p><p align=3D"jus=
tify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; co=
lor:#000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;">=
<span style=3D"font-size: 12pt; font-family: Arial, Helvetica; background-c=
olor: transparent;"><span>The weekly US scrap price outlook for September w=
as unchanged this week at sideways to potentially lower as a result of cont=
inued declines in flat steel pricing as well as new reports that a prime sc=
rap &ldquo;overhang&rdquo; continues to exist due to the paucity of August =
trade, market insiders told SteelOrbis.</span></span></p><p align=3D"justif=
y" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color=
:#000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><sp=
an style=3D"font-size: 12pt; font-family: Arial, Helvetica; background-colo=
r: transparent;"><span><br></span></span></p><p align=3D"justify" style=3D"=
line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#000000;pad=
ding:0px;margin: 0;text-align: justify; line-height: 17pt;"><span style=3D"=
font-size: 12pt; font-family: Arial, Helvetica; background-color: transpare=
nt;"><span><span>Insiders said mills didn&rsquo;t buy the prime scrap that =
local scrap suppliers had expected them to purchase during the August buy-c=
ycle because 50 percent tariffs on Brazilian pig iron threatened by US Pres=
ident Trump didn&rsquo;t happen.</span><br></span></span></p><p align=3D"ju=
stify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; c=
olor:#000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"=
><span style=3D"font-size: 12pt; font-family: Arial, Helvetica; background-=
color: transparent;"><span><span><br></span></span></span></p><p align=3D"j=
ustify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; =
color:#000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;=
"><span style=3D"font-size: 12pt; font-family: Arial, Helvetica; background=
-color: transparent;"><span><span><span>&ldquo;Primes didn&rsquo;t go down =
in August, though if the (supply) overhang persists in September, I suspect=
 that prime scrap could decline,&rdquo; the Midwest scrap insider told Stee=
lOrbis. &ldquo;I think September is looking sideways to down depending on g=
rade,&rdquo; he added. &ldquo;Primes seemed to have overhang that could pot=
entially push prices down in September some, while cuts seem to remain tigh=
t but sideways. Shred is looking sideways to down, as it could get dragged =
down by primes.&rdquo;</span><br></span></span></span></p><p align=3D"justi=
fy" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; colo=
r:#000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><s=
pan style=3D"font-size: 12pt; font-family: Arial, Helvetica; background-col=
or: transparent;"><span><span><span><br></span></span></span></span></p><p =
align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font-s=
ize:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-hei=
ght: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial, Helvetica; =
background-color: transparent;"><span><span><span><span>Insiders added that=
 mill closures for annual maintenance -that typically start in September an=
d end in December- could also reduce mill scrap purchases during the Septem=
ber and October buy cycles.</span><br></span></span></span></span></p><p al=
ign=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font-siz=
e:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-heigh=
t: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial, Helvetica; ba=
ckground-color: transparent;"><span><span><span><span><br></span></span></s=
pan></span></span></p><p align=3D"justify" style=3D"line-height:1.7;font-fa=
mily:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text=
-align: justify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-f=
amily: Arial, Helvetica; background-color: transparent;"><span><span><span>=
<span><span>&ldquo;I think mill closures across September, October and Nove=
mber will create significant downward pressure on pricing during the Septem=
ber and October buys,&rdquo; the insider added. &ldquo;Especially with the =
bearish export market and the softness in hot-rolled coil pricing.&rdquo;</=
span><br></span></span></span></span></span></p><p align=3D"justify" style=
=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#000000=
;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><span style=
=3D"font-size: 12pt; font-family: Arial, Helvetica; background-color: trans=
parent;"><span><span><span><span><span><br></span></span></span></span></sp=
an></span></p><p align=3D"justify" style=3D"line-height:1.7;font-family:Ari=
al,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-align: =
justify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-family: A=
rial, Helvetica; background-color: transparent;"><span><span><span><span><s=
pan><span>This week, flat steel pricing is reported $5-10/nt less at $820-$=
830/nt ($904-915/mt), or on average $41.25/cwt. Flat steel insiders said sc=
ant mid-month demand and a growing outlook for sideways to lower September =
scrap is limiting upward price movement. SteelOrbis historical data shows f=
lat steel pricing has declined consistently since the end of June as scrap =
demand has remained unremarkable with sideways pricing reported for three s=
traight months.</span><br></span></span></span></span></span></span></p><p =
align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;font-s=
ize:12px; color:#000000;padding:0px;margin: 0;text-align: justify; line-hei=
ght: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial, Helvetica; =
background-color: transparent;"><span><span><span><span><span><span><br></s=
pan></span></span></span></span></span></span></p><p align=3D"justify" styl=
e=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#00000=
0;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><span styl=
e=3D"font-size: 12pt; font-family: Arial, Helvetica; background-color: tran=
sparent;"><span><span><span><span><span><span><span>Based on a sideways to =
down from August, September settlement, US Midwest prime busheling scrap in=
 the Ohio Valley could settle at or below $435-460/gt ($443-468/mt), while =
shredded scrap might settle at or below $375-380/gt ($381-387/mt). Ohio Val=
ley P&S and HMS grades are seen at or below $361-371/gt ($367-377/mt) and $=
325-345/gt ($330-387/mt), respectively, scrap insiders told SteelOrbis.</sp=
an><br></span></span></span></span></span></span></span></p><p align=3D"jus=
tify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; co=
lor:#000000;padding:0px;margin: 0;text-align: justify; line-height: 17pt;">=
<span style=3D"font-size: 12pt; font-family: Arial, Helvetica; background-c=
olor: transparent;"><span><span><span><span><span><span><span><br></span></=
span></span></span></span></span></span></span></p><p align=3D"justify" sty=
le=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#0000=
00;padding:0px;margin: 0;text-align: justify; line-height: 17pt;"><span sty=
le=3D"font-size: 12pt; font-family: Arial, Helvetica; background-color: tra=
nsparent;"><span><span><span><span><span><span><span><span>In the US Northe=
ast, a sideways to potentially lower September scrap settle would put prime=
 busheling grade material at or below $380-400/gt ($387-<span>407/mt), whil=
e shredded grades could settle at or below $325-335/gt ($330-342/mt). P&S a=
nd HMS grades might finish at or below $295-305/gt ($300-310/mt) and 305-32=
0/gt ($310-325/mt), respectively, scrap insiders told SteelOrbis this week.=
</span></span><br></span></span></span></span></span></span></span></span><=
/p><p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;=
font-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify; li=
ne-height: 17pt;"><span style=3D"font-size: 12pt; font-family: Arial, Helve=
tica; background-color: transparent;"><span><span><span><span><span><span><=
span><span><span><br></span></span></span></span></span></span></span></spa=
n></span></span></p><p align=3D"justify" style=3D"line-height:1.7;font-fami=
ly:Arial,verdana;font-size:12px; color:#000000;padding:0px;margin: 0;text-a=
lign: justify; line-height: 17pt;"><span style=3D"font-size: 12pt; font-fam=
ily: Arial, Helvetica; background-color: transparent;"><span><span><span><s=
pan><span><span><span><span><span><span>SteelOrbis historical scrap data sh=
ows since monthly domestic scrap prices peaked in March ahead of much antic=
ipated tariff announcements from the US Trump administration, the average p=
rice of Midwest Ohio Valley shredded scrap has slumped more than 24 percent=
 from on average $506/gt ($514/mt) to $384/gt ($390/mt). HMS pricing in the=
 US Northeast dropped a more conservative 22.8 percent during the equivalen=
t period to on average $313/gt ($318/mt) amid somewhat limited export deman=
d for US scrap.</span><br></span></span></span></span></span></span></span>=
</span></span></span></p></font></font><p style=3D"margin: 0;padding: 0px;f=
ont-family:Arial, Helvetica, sans-serif; color:#000000;line-height:1.7;font=
-family:Arial,verdana;font-size:12px;padding:0px;"></p><p align=3D"justify"=
 style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; color:#=
000000;padding:0px;margin: 0;text-align: justify;"></p></font><p align=3D"j=
ustify" style=3D"line-height:1.7;font-family:Arial,verdana;font-size:12px; =
color:#000000;padding:0px;margin: 0;text-align: justify;"></p>





<p align=3D"justify" style=3D"line-height:1.7;font-family:Arial,verdana;fon=
t-size:12px; color:#000000;padding:0px;margin: 0;text-align: justify;"></p>=
</div>
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ollapse; mso-table-lspace:0pt; mso-table-rspace:0pt;border:0px;padding:7px =
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gbottom=3D"5px" componentpaddingleft=3D"15px" componentpaddingright=3D"15px=
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ht: 25pt; text-align: left;"><b style=3D"font-family: Arial, Helvetica; bac=
kground-color: transparent;"><font style=3D"font-size: 14pt;"></font></b></=
p><h4 style=3D"font-family:Arial,verdana,Helvetica, sans-serif;font-size: 2=
2px;color:#000000; font-weight:normal; color:#000000;padding: 0px;margin: 0=
;text-align: center;"><b style=3D"font-family: Arial, Helvetica; background=
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ze-adjust: 100%;-webkit-text-size-adjust: 100%;" width=3D"100%">
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255); outline: none;"><p style=3D"font-family:Arial,verdana;font-size:12px;=
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e-height: 17pt;"><font style=3D"font-size: 12pt;">

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padding:0px;margin: 0;line-height: 19pt; text-align: left;"><font face=3D"A=
rial, Helvetica" style><span style=3D"color: rgb(51, 51, 51);"></span><span=
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verdana;font-size:12px; color:#000000;padding:0px;margin: 0;line-height: 19=
pt; text-align: left;"><span style=3D"color: rgb(51, 51, 51); font-family: =
Arial, Helvetica;"></span></p></span><span><font style>

<font color=3D"#2828da" style><u></u></font>

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" face=3D"Arial, Helvetica" style=3D"color: rgb(51, 51, 51);"><font><font><=
/font></font></font></p>

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f; color:#000000;color:#000000; font-weight:normal;font-family:Arial,verdan=
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elvetica" style><b style><font style></font></b></font></p><font style>

</font><p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;=
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</font><p style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;=
padding:0px;margin: 0;line-height: 19pt; text-align: left;"><font face=3D"A=
rial, Helvetica" style><b style><font style></font></b></font></p><span><fo=
nt style>

<span>

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:0px;margin: 0;line-height: 19pt; text-align: left;"><font face=3D"Arial, H=
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ont></font></font></p><span>

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:0px;margin: 0;line-height: 19pt; text-align: left;"><font face=3D"Arial, H=
elvetica" style><font style><span>

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;"><font face=3D"Arial, Helvetica" style><font style><font face=3D"Arial, H=
elvetica" style><font style></font></font></font></font></p><span>

<span></span></span></span></span></span></font></span></span></font></div>=
<span><div align=3D"center" style=3D"text-align: center;"><span style=3D"fo=
nt-size: 12pt;">Check out the most frequently asked questions about the ser=
vice and products of StaalX. We are always here to chat with you in the cha=
t boxes from the site or on the support telephone number below.</span></div=
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=09=09=09
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=09=09 =20



















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0%">       </td> </tr></tbody></table></div>
=09=09=09</td></tr></tbody></table>
=09=09=09</div>
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ce:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-=
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r:#ffffff;">
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cing=3D"0" class=3D"zpAlignPos" style=3D" mso-table-lspace:0pt; mso-table-r=
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ollapse; mso-table-lspace:0pt; mso-table-rspace:0pt;border:0px;padding:7px =
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ight=3D"17pt" componentpaddingbottom=3D"5px" componentpaddingleft=3D"100px"=
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; line-height: 17pt;"><font style=3D"line-height: 17pt; font-size: 12pt;"><=
b style><font color=3D"#006cfb" style><u style>websupport@staalx.com</u></f=
ont></b> or <b style>+1 (708) 697-3227</b></font></p><p align=3D"center" st=
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if; mso-table-rspace:0pt;font-size:12px;border:none;padding:0px;margin:0px;=
" valign=3D"top"><table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size=
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n=3D"center" name=3D"sclwdgtimges" style=3D"border-collapse:collapse; mso-t=
able-lspace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; m=
so-table-rspace:0pt;font-size:12px;border: none;padding: 0px;margin: 0px;pa=
dding-bottom: 6px;" valign=3D"middle"> <a href=3D"https://qprdy-zgpvh.maill=
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e=3D"l_11"><img alt=3D"LinkedIn" height=3D"35" src=3D"https://stratus.campa=
ign-image.com/images/867215000021091004_1_1715205012151_zcsclwgtlin1.png" s=
tyle=3D"border: 0px; margin: 0px; outline: none; text-decoration: none; wid=
th: 40px; height: 40px;" vspace=3D"10" width=3D"35"></a> </td></tr><tr><td =
align=3D"center" name=3D"sclwdgtcaptns" style=3D"border-collapse:collapse; =
mso-table-lspace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-ser=
if; mso-table-rspace:0pt;font-size:12px;border:none;padding: 0px;margin: 0p=
x;" valign=3D"middle"><a href=3D"https://qprdy-zgpvh.maillist-manage.net/cl=
ick/1c08f772a425d352/1c08f772a425c876" style=3D"display: block;font-size: 1=
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on: none;" target=3D"_blank" zcurl_name=3D"l_12"><p fntname=3D"Arial" fntsz=
e=3D"10" style=3D"font-family:Arial,verdana;font-size:12px; color:#000000;p=
adding:0px;margin: 0;line-height: normal; font-family: Arial, Helvetica, sa=
ns-serif; color: rgb(27, 107, 189); font-size: 10pt;">LinkedIn</p></a> </td=
></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><=
/td><td align=3D"left" style=3D"border-collapse:collapse; mso-table-lspace:=
0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-rsp=
ace:0pt;font-size:12px;border:none;padding:0px;margin:0px;" valign=3D"top">=
<table align=3D"left" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" styl=
e=3D" mso-table-lspace:0pt; mso-table-rspace:0pt;font-size:12px;border-coll=
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pse; mso-table-lspace:0pt; font-size:12px;font-family:Arial, Helvetica, san=
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tom: 9px;border:none;padding: 0px;margin: 0px;" valign=3D"top"> <table bord=
er=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D" mso-table-lspace:0pt=
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e;"><tbody><tr><td align=3D"left" style=3D"border-collapse:collapse; mso-ta=
ble-lspace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; ms=
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t: 9px;padding-bottom: 0px;padding-left: 9px;border:none;" valign=3D"middle=
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=3D"sclwdgtimges" style=3D"border-collapse:collapse; mso-table-lspace:0pt; =
font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-table-rspace:0=
pt;font-size:12px;border: none;padding: 0px;margin: 0px;padding-bottom: 6px=
;" valign=3D"middle"> <a href=3D"https://qprdy-zgpvh.maillist-manage.net/cl=
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lt=3D"Facebook" height=3D"35" src=3D"https://stratus.campaign-image.com/ima=
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x; margin: 0px; outline: none; text-decoration: none; width: 40px; height: =
40px;" vspace=3D"10" width=3D"35"></a> </td></tr><tr><td align=3D"center" n=
ame=3D"sclwdgtcaptns" style=3D"border-collapse:collapse; mso-table-lspace:0=
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ce:0pt;font-size:12px;border:none;padding: 0px;margin: 0px;" valign=3D"midd=
le"><a href=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a425d3=
52/1c08f772a425c87a" style=3D"display: block;font-size: 1px;font-weight: no=
rmal;line-height: normal;text-align: center;text-decoration: none;" target=
=3D"_blank" zcurl_name=3D"l_14"><p fntname=3D"Arial" fntsze=3D"10" style=3D=
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rgb(27, 107, 189); font-size: 10pt;">Facebook</p></a> </td></tr></tbody></t=
able></td></tr></tbody></table></td></tr></tbody></table></td><td align=3D"=
left" style=3D"border-collapse:collapse; mso-table-lspace:0pt; font-size:12=
px;font-family:Arial, Helvetica, sans-serif; mso-table-rspace:0pt;font-size=
:12px;border:none;padding:0px;margin:0px;" valign=3D"top"><table align=3D"l=
eft" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D" mso-table-l=
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pace:0pt; font-size:12px;font-family:Arial, Helvetica, sans-serif; mso-tabl=
e-rspace:0pt;font-size:12px;padding-right: 9px;padding-bottom: 9px;border:n=
one;padding: 0px;margin: 0px;" valign=3D"top"> <table border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D" mso-table-lspace:0pt; mso-table-rspac=
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d align=3D"left" style=3D"border-collapse:collapse; mso-table-lspace:0pt; f=
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t;font-size:12px;padding:7px;padding-top: 0px;padding-right: 9px;padding-bo=
ttom: 0px;padding-left: 9px;border:none;" valign=3D"middle"> <table align=
=3D"left" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D" mso-ta=
ble-lspace:0pt; mso-table-rspace:0pt;font-size:12px;border-collapse: collap=
se;border: none;" width><tbody><tr><td align=3D"center" name=3D"sclwdgtimge=
s" style=3D"border-collapse:collapse; mso-table-lspace:0pt; font-size:12px;=
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px;border: none;padding: 0px;margin: 0px;padding-bottom: 6px;" valign=3D"mi=
ddle"> <a href=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a42=
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ce=3D"10" width=3D"35"></a> </td></tr><tr><td align=3D"center" name=3D"sclw=
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=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a425d352/1c08f772=
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eight: normal;text-align: center;text-decoration: none;" target=3D"_blank" =
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=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D" mso-table-lspace:0pt; =
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ne;" width><tbody><tr><td align=3D"center" name=3D"sclwdgtimges" style=3D"b=
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ne;padding: 0px;margin: 0px;padding-bottom: 6px;" valign=3D"middle"> <a hre=
f=3D"https://qprdy-zgpvh.maillist-manage.net/click/1c08f772a425d352/1c08f77=
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;" target=3D"_blank" zcurl_name=3D"l_17"><img alt=3D"X" height=3D"35" src=
=3D"https://stratus.campaign-image.com/images/867215000021091004_4_17152050=
12513_zcsclwgttwt1.png" style=3D"border: 0px; margin: 0px; outline: none; t=
ext-decoration: none; width: 40px; height: 40px;" vspace=3D"10" width=3D"35=
"></a> </td></tr><tr><td align=3D"center" name=3D"sclwdgtcaptns" style=3D"b=
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e;padding: 0px;margin: 0px;" valign=3D"middle"><a href=3D"https://qprdy-zgp=
vh.maillist-manage.net/click/1c08f772a425d352/1c08f772a425c882" style=3D"di=
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p fntname=3D"Arial" fntsze=3D"10" style=3D"font-family:Arial,verdana;font-s=
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/tr></tbody></table>=09
=09=09=09=09=09=09=09</td></tr>
=09=09=09            </tbody></table>=09
=09=09            </div>
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