Sizable market share across key mining regions Above-average profitability relative to downstream metals companies, with adjusted EBITDA margins exceeding 15% Short to moderate term customer contracts with high customer concentration Narrow product focus and vulnerability to Chinese imports Adjusted debt leverage of about 5x for fiscal 2018, with operating cash flow (OCF) to debt of about 10% Beyond fiscal 2018, debt leverage to range between 4x and 4.5x and OCF to debt from 10%-15% Private equity ownership puts a cap on financial risk assessment because of traditionally more aggressive financial policies such as debt-financed shareholder returns Adequate liquidity position supported by access to a $125 million asset-based lending (ABL) facility availability, combined with low capital spending and working capital needs
