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  "documentTitle": "Befesa Investor Presentation Goldman Sachs 4th Annual Carbonomics Conference",
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      "text": "YTD steel output still up yoy driven by BOF; production cuts likely in Q4 to meet control policies\nEAF mills (typically privately-owned vs state-owned BOF) running at 50% (80% pre-COVID) due to real estate crisis, reducing steel dust generation",
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      "text": "EAF penetration growing: Around 20% targeted by 2030; >60 Mt new EAF capacity announced / underway\nStrict environmental regulation: Launched in 2016/17; Getting stricter but following a two-speed approach\nFirst mover advantage: Befesa commercial office opened in 2008; Jiangsu started in 2021, Henan in 2023",
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      "text": "Cautiously progressing in Guangdong province: capex deployment likely in 2024/25 subject to ongoing negotiations with local steelmakers\nOnce run-rate levels reached in existing sites, develop second 110 kt kilns (Jiangsu & Guangdong)",
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