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This report provides ���������ֳ�’ views about global steel companies. It is based on ���������ֳ�’s Global Steel: Ratings Navigator Companion and compares issuers based on their business and financial characteristics. Key Takeaways • Steel demand remains subdued, producers’ margins are decreasing due to falling prices on weak demand and high Chinese exports. • Producers are continuing to focus capex on expansion and their value-added portfolios. Most companies are planning decarbonization. • Negative Outlooks of UMK and InfraBuild are driven by weak liquidity, high refinancing risk of InfraBuild and high leverage of UMK. • Positive Outlooks for CMC and Vallourec reflect anticipated reduction in leverage and sustained improvements in profitability. Nippon Steel Corporation’s (NSC) proposed acquisition of U.S. Steel drives the latter’s Rating Watch Positive (RWP).