2018: Trapped in Paralysis
KRAS’s finished 2018 with a red-ink grade of losses worth USD74.8 million, regardless of its surging revenues of 20% y-y. Despite the improvement, 7-consecutive-year loss lingered still.

1Q19: Dim Industries and Macro Indicators
We pencil in that KRAS’s 1Q19 bleaker outlook, dampened by ominous portents as follows 1) Steep slump of 43.94 in Prompt Manufacturing Index of basic metal, i.e. iron and steel (vs. 54.43 in 4Q18). KRAS dominates the steel-industry market shares, the well below numbers from 50 throwing off worrying signals for the basic metal industry. 2) 1Q19 escalating iron and steel imports of 14.7% to USD2.764 million added to the evidence of intense competition between domestic steel with imported steel (vs. USD2,409 million in 1Q18). 3)Prices of iron ore are on a bullish trend.


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