fall in EBITDA at US$9mn (PLe:USD$125mn). Operational issues and sharp fall in spreads impacted TSE's earnings. Due to weak margins in TSE, we cut our EBITDA/EPS estimates for FY20E by 4%/18%. Despite sharp increase in iron ore prices, steel prices softened by US$20-25/t in last couple of months. In spite of serious trade restrictions imposed on its imports by various countries, China acted in a disciplined manner with reduced export intensity and stable domestic demand. On the contrary, RoW (ex-China), the so called disciplined and earnings focused markets witnessed...