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      "text": "Mortgage subsidy program for first-time homebuyers has gained traction; mortgage origination has rebounded sharply\nExpected release of €60 billion to Poland from the EU Recovery and Resilience fund",
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      "text": "Conditions during the first quarter continued to be difficult, but several green shoots have emerged that could bolster activity in the quarters ahead.",
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      "text": "Q1 FY24 Supplemental Slides\nJanuary 8, 2024",
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      "text": "[1] Data from S&P Global manufacturing PMI report\n[2] Data from Statistics Poland for September and October 2023 vs. September and October 2022\n[3] Data from Eurofer and Statistics Poland",
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      "text": "Recent Market Developments\nDemand\nManufacturing\nGermany and Poland PMIs below 50 for 17 consecutive months¹\nResidential Construction\nHousing permits granted up 11% y/y2\nTotal Construction\nPolish cement production down 7% y/y2\nSupply\nLong Product Production\nPolish long steel production down ~17% y/y2\nLong Product Imports\nEU and Polish imports down y/y³\nCosts\nEnergy Costs\nNatural gas purchase contracts repriced on Oct 1, 2023; reduces cost per ton by $15 to $20\nEnergy Rebates\nRecognized $66.3M in rebates as reimbursement for high energy related costs incurred\nCost Position\nCMC remains one of the lowest cost long products producers in Europe\nMacroeconomic Backdrop\nInterest Rates\nCentral bank has reduced rates by 100bps since early Sep 2023 to stimulate growth\nInflation\nInflation is down from its 2023 peak y/y change of 18.4%, but remains high at 6.5%\nGDP Growth Outlook\nPolish economy is expected to grow by 3.1% in 2024 per S&P",
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