Operationally improving trend may reverse in 4Q;chemicals loss – a concern 3Q13 – steady performance Seasonal strength, butovercapacity remains Q313 is 2nd best net profit on record Operating leverage carries through IRON ORE REPORT 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