NMDC Steel Ltd.

“NMDC Steel is a newly commissioned, single-asset, government-controlled steel producer operating in a tough, cyclical commodity industry with no clear moat, a leveraged and still-unproven balance sheet, and governance structurally misaligned with minority shareholders; at roughly book value, the stock offers some cyclical upside but an unattractive long-term risk/reward with a meaningful probability of permanent capital impairment, so capital is better deployed elsewhere.”