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      "text": "Assumptions: Capex ~7% of revenues, 7% cost of debt, ~250 USD/ton of debt, Average unfunded liabilities, 25% effective tax rate, 9% cost of equity, ~325 USD/ton of equity",
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      "text": "1 Considering sample of 83 companies; 2 Assumes a price of 634 USD/ton in 2012 for hot rolled; SOURCE: McKinsey analysis; Bloomberg; MEPS",
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