A large Japanese trading group hired AWR Lloyd to provide a focused analysis of a Thai steel company in the context of the Thai steel sector more generally. The client was considering acquiring a power plant which would provide electricity to the steel company and was concerned about its creditworthiness. AWR Lloyd analyzed the financial strength of the Thai steel company, provided a financial projection model, assessed the company’s competitive advantages and future feedstock and off-take dynamics. AWR Lloyd also provided an analysis of the corporate control structure, value chain economics and demand of the Thai steel sector as a whole with medium term forecasts.