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Challenge Appetite for credit capacity is much greater than what is justifiable given credit quality of industry and liquidity of transactions. General Themes Dearth of liquidity in market (bearing in mind that EIM's purpose is to stimulate liquidity) Poor credit quality Highly structured nature of steel transactions (inventory management, illiquid options, etc.) M-T-M Accounting and incentives related to achieving earnings targets Size, tenor and rating drive credit exposure; size and tenor drive transaction value -- therefore ratings drive credit limits.

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Revised EIM Meeting Notes (inclusive of notes from 9/17 & 9/18 meetings)