3Q13 – steady performance Seasonal strength, butovercapacity remains Q313 is 2nd best net profit on record Operating leverage carries through Solid earnings recovery in Q313 Q3 beat on volume; stronger Q4 expected Losses shrank q/q; improving results in 4Q could driveshare price rebound 3Q13 result and mgmt call takeaways in line,turnaround of terminal business a major positive Slight earnings miss, interbank activities still active Mid October steel output slows further