Accessible version Tariffs = significant earnings re-rate, SZG highly levered SZG provides leverage to higher European steel prices given its import-exposed commodity steel product mix. SZG's historical EBITDA margin cyclicality has been greater than peers' i.e. high 'torque'. We forecast FY27e ave EU HRC price of EUR775/t (currently c. EUR720/t) as reduced import quotas (TRQ) tighten steel markets. Why? 1) European capacity restarts limited so far (producers remain cautious), 2) incremental supply concentr ...