External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

International Steels Ltd / Equity Bottom-Up

<ul><li>ISL, the largest flat steel producer in Pakistan, held its Corporate Briefing Session to discuss FY23 financial results and outlook.</li><li>Market size in FY23 declined by 36% YoY to 0.7mn tons. Overall volumes dampened to 308k tons including 8k tons from toll manufacturing in FY23 posting a decline of 27% from 424k tons in FY22. Reduction in domestic sales is due to economic slowdown where GDP remained at 0.29% and LSM down by 10% in FY23.</li><li>ISL increased its market share from 31% in FY22 to 37% in FY23 due to wide range of different products. Market size of CRC has reduced to 330k tons in FY23 from 550k tons in previous year.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ISL, the largest flat steel producer in Pakistan, held its Corporate Briefing Session to discuss FY23 financial results and outlook.Market size in FY23 declined by 36% YoY to 0.7mn tons. Overall volumes dampened to 308k tons including 8k tons from toll manufacturing in FY23 posting a decline of 27% from 424k tons in FY22. Reduction in domestic sales is due to economic slowdown where GDP remained at 0.29% and LSM down by 10% in FY23.ISL increased its market share from 31% in FY22 to 37% in FY23 due to wide range of different products. Market size of CRC has reduced to 330k tons in FY23 from 550k tons in previous year.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline Flash Note: International Steel (ISL): Corporate Briefing Key Takeaways