S&P Lwrs Stainless Steel Maker Aperam …

Even though we expect some EBITDA recovery in 2013, we still see the medium-term outlook for stainless steel markets as bleak, and project that Aperam’s debt-to-EBITDA ratio is likely to remain high at 4.5x-5.0x in 2013-2014. — We are lowering our …
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