SteelBenchmarker™ Participation Agreement

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The purpose of the SteelBenchmarker™ is to provide a reliable set of benchmark prices for use by participants in the steel industry. To assure reliability and prevent misuse, World Steel Dynamics (WSD) agrees that participants will provide their price assessment inputs to an independent third party computer system and not directly to SteelBenchmarker™, and that no person or group will ever be able to connect a price input to a specific provider. Aggregated average prices will be published only if at least 10 inputs are provided per product, with the expectation that there will eventually be many times this figure.

The SteelBenchmarker™ output will consist of objectively calculated averages of price assessment inputs. So that the input data will be as reliable and confidential as possible, as a condition to its participation as a data provider to SteelBenchmarker™ each participant agrees to the following:

1. The data provided by the participant is their most recent transaction price granted that the price comes under definition of that for a mid-sized buyer (as per the product specifications).

2. The participant will NOT discuss or disclose its input, including how the reported benchmark price varied from its input, with or to any other provider of SteelBenchmarker™ input or anyone else, and, in particular, the participant will NOT discuss or disclose its input with or to any competitor or any employee of SteelBenchmarker™.

3. The participant will not disclose to anyone outside its own operation that it is a provider of input to the SteelBenchmarker™, what the nature of its input is or what products or geographic markets that input encompasses.

4. The participant will not provide the third-party collector of SteelBenchmarker™ input with any information that would permit identification of suppliers, customers, products, dates or quantities of actual transactions.