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Mining, Iron & Steel 25 2018The annual report on the most valuable mining, iron and steel brandsFebruary 2018Brand Finance Mining, Iron & Steel 25 February 2018 3.Foreword.What is the purpose of a strong brand: to attract customers, to build loyalty, to motivate staff? All true, but for a commercial brand at least, the first answer must always be to make money. Huge investments are made in the design, launch, and ongoing promotion of brands. Given their potential financial value, this makes sense. Unfortunately, most organisations fail to go beyond that, missing huge opportunities to effectively make use of what are often their most important assets. Monitoring of brand performance should be the next step, but is often sporadic. Where it does take place, it frequently lacks financial rigour and is heavily reliant on qualitative measures, poorly understood by non-marketers. As a result, marketing teams struggle to communicate the value of their work and boards then underestimate the significance of their brands to the business. Sceptical finance teams, unconvinced by what they perceive as marketing mumbo jumbo, may fail to agree necessary investments. What marketing spend there is, can end up poorly directed as marketers are left to operate with insufficient financial guidance or accountability. The end result can be a slow but steady downward spiral of poor communication, wasted resources, and a negative impact on the bottom line. Brand Finance bridges the gap between marketing and finance. Our teams have experience across a wide range of disciplines from market research and visual identity to tax and accounting. We understand the importance of design, advertising, and marketing, but we also believe that the ultimate and overriding purpose of brands is to make money. That is why we connect brands to the bottom line. By valuing brands, we provide a mutually intelligible language for marketing and finance teams. Marketers then have the ability to communicate the significance of what they do, and boards can use the information to chart a course that maximises profits. Without knowing the precise, financial value of an asset, how can you know if you are maximising your returns? If you are intending to license a brand, how can you know you are getting a fair price? If you are intending to sell, how do you know what the right time is? How do you decide which brands to discontinue, whether to rebrand and how to arrange your brand architecture? Brand Finance has conducted thousands of brand and branded business valuations to help answer these questions. Brand Finances research revealed the compelling link between strong brands and stock market performance. It was found that investing in highly-branded companies would lead to a return almost double that of the average for the S&P 500 as a whole. Acknowledging and managing a companys intangible assets taps into the hidden value that lies within it. The following report is a first step to understanding more about brands, how to value them and how to use that information to benefit the business. The team and I look forward to continuing the conversation with you.David Haigh CEO, Brand FinanceBrand Finance Mining, Iron & Steel 25 February 2018 5.Brand Finance Mining, Iron & Steel 25 February 2018 4.Foreword 3About Brand Finance 4Contact Details 4Definitions 6Executive Summary 8Full Table 11Methodology 12Understand Your Brands Value 13Consulting Services 14Communications Services 15Contents.About Brand Finance.Brand Finance is the worlds leading independent brand valuation and strategy consultancy. Brand Finance was set up in 1996 with the aim of bridging the gap between marketing and finance. For more than 20 years, we have helped companies and organisations of all types to connect their brands to the bottom line.We pride ourselves on four key strengths: Independence Technical Credibility Transparency Expertise.Brand Finance puts thousands of the worlds biggestbrands to the test every year, evaluating which are the strongest and most valuable.For more information, please visit our website:brandfinanceContact Details.For business enquiries, please contact:Richard HaighManaging Director rd.haighbrandfinanceFor media enquiries, please contact:Konrad JagodzinskiCommunications Director k.jagodzinskibrandfinanceFor all other enquiries, please contact:enquiriesbrandfinance+44 (0)207 389 9400linkedin/company/ brand-financefacebook/brandfinancetwitter/brandfinanceFor further information on Brand Finances services and valuation experience, please contact your local representative:Country Contact Email addressAsia Pacific Samir Dixit s.dixitbrandfinance +65 906 98 651 Australia Mark Crowe m.crowebrandfinance +61 282 498 320Brazil Geoffrey Hamilton-Jones g.hamilton-jonesbrandfinance +55 1196 499 9963Canada Bill Ratcliffe b.ratcliffebrandfinance +1 647 3437 266Caribbean Nigel Cooper n.cooperbrandfinance +1 876 8256 598China Scott Chen s.chenbrandfinance +86 1860 118 8821East Africa Jawad Jaffer j.jafferbrandfinance +254 204 440 053France Victoire Ruault v.ruaultbrandfinance +44 0207 389 9427Germany Holger Mhlbauer h.muehlbauerbrandfinance +49 1515 474 9834India Ajimon Francis a.francisbrandfinance +91 989 2085 951Indonesia Jimmy Halim j.halimbrandfinance +62 215 3678 064Ireland Simon Haigh s.haighbrandfinance +353 087 6695 881Italy Massimo Pizzo m.pizzobrandfinance +39 0230 312 5105Mexico & LatAm Laurence Newell l.newellbrandfinance +52 1559 197 1925Middle East Andrew Campbell a.campbellbrandfinance +971 508 113 341Nigeria Babatunde Odumeru t.odumerubrandfinance +234 012 911 988Romania Mihai Bogdan m.bogdanbrandfinance +40 728 702 705Spain Teresa de Lemus t.delemusbrandfinance +34 654 481 043 South Africa Jeremy Sampson j.sampsonbrandfinance +27 828 857 300Sri Lanka Ruchi Gunewardene r.gunewardenebrandfinance +94 114 941 670Turkey Muhterem Ilgner m.ilgunerbrandfinance +90 216 3526 729UK Richard Haigh rd.haighbrandfinance +44 0207 389 9400USA Amy Rand a.randbrandfinance +44 0207 389 9432Vietnam Lai Tien Manh m.laibrandfinance +84 473 004 468Brand Finance Mining, Iron & Steel 25 February 2018 7.Brand Finance Mining, Iron & Steel 25 February 2018 6.Definitions.Definitions. Brand Value+ Enterprise Value The value of the entire enterprise, made up of multiple branded businesses. Where a company has a purely mono- branded architecture, the enterprise value is the same as branded business value.+ Branded Business Value The value of a single branded business operating under the subject brand. A brand should be viewed in the context of the business in which it operates. Brand Finance always conducts a branded business valuation as part of any brand valuation. We evaluate the full brand value chain in order to understand the links between marketing investment, brand- tracking data, and stakeholder behaviour.+ Brand Contribution The overall uplift in shareholder value that the business derives from owning the brand rather than operating a generic brand.The brand values contained in our league tables are those of the potentially transferable brand assets only, making brand contribution a wider concept. An assessment of overall brand contribution to a business provides additional insights to help optimise performance.+ Brand Value The value of the trade mark and associated marketing IP within the branded business. Brand Finance helped to craft the internationally recognised standard on Brand Valuation ISO 10668. It defines brand as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.JFE Holdings IncJFEBrand ValueJFEJFEEnterpriseValueBrandedBusinessValueBrandContributionBrand Strength IndexWidely recognised factors deployed by marketers to create brand loyalty and market share. Marketing Investment A brand that has high Marketing Investment but low Stakeholder Equity may be on a path to growth. This high investment is likely to lead to future performance in Stakeholder Equity which would in turn lead to better Business Performance in the future. However, high Marketing Investment over an extended period with little improvement in Stakeholder Equity would imply that the brand is unable to shape customers preference.Stakeholder Equity The same is true for Stakeholder Equity. If a company has high Stakeholder Equity, it is likely that Business Performance will improve in the future. However, if the brands poor Business Performance persists, it would suggest that the brand is inefficient compared to its competitors in transferring stakeholder sentiment to a volume or price premium.Business Performance Finally, if a brand has a strong Business Performance but scores poorly on Stakeholder Equity, it would imply that, in the future, the brands ability to drive value will diminish. However, if it is able to sustain these higher outputs, it shows that the brand is particularly efficient at creating value from sentiment compared to its competitors.MarketingInvestmentPerceptions of the brand among different stakeholder groups, with customers being the most important.Quantitative market and financial measures representing the success of the brand in achieving price and volume premium.StakeholderEquityBusinessPerformanceBrand StrengthBrand Strength is the efficacy of a brands performance on intangible measures, relative to its competitors. In order to determine the strength of a brand, we look at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding rating up to AAA+ in a format similar to a credit rating.Analysing the three brand strength measures helps inform managers of a brands potential for future success.InvestmentEquityPerformanceBrand Finance Mining, Iron & Steel 25 February 2018 9.Brand Finance Mining, Iron & Steel 25 February 2018 8.Executive Summary.BHP rebranding hits pay dirtBHP struck gold with their major 2017 re-branding exercise, as the worlds largest mining companys brand value rose 29% to US$5.1 billion and took first place in the Brand Finance Mining, Iron & Steel 25 league table. In May, BHP launched its Think Big campaign following its rebranding from BHP Billiton to BHP, which focused on demonstrating the role of BHP in Australias economy and community. The rebranding appears to be paying off as BHP not only increased its brand value, but also its Brand Strength Index (BSI) score from 73.2 to 74.3 this year.Meanwhile, the most valuable brand of 2017, Glencore, performed well financially over the last year, but its brand value dropped by 11% to US$3.7 billion. This is because the brand suffered significant erosion in brand strength from 62.9 to 55.3, caused in part by widespread mentions of Glencore in association with the Paradise Papers released in November.Posco (down 4% to $3.6 billion) was able to retain its position as the worlds third most valuable mining brand, ahead of Rio Tinto (up 25.4% to $3.1 billion) After the 2014 metal price crisis, caused by a drop in demand for raw materials in China, the industry is once again being shaped by the Chinese market. The countrys demand for higher-quality iron ore imports is benefiting the industrys largest brands such as BHP and Rio Tinto. Challenger brands will need to define their competitive advantage to capture a greater proportion of the ever growing Chinese market.David HaighCEO, Brand FinanceExecutive Summary.which enjoyed strong brand value growth alongside higher iron ore prices caused by increased Chinese demand.Baowu Steel doubles brand valueThe merger between Baosteel and Wuhan Iron and Steel has resulted in Chinas biggest steelmaker Baowu Steel and fuelled the fastest-growth in the Brand Finance Mining, Iron & Steel 25 league table. Thanks to increased revenue, Baowu Steels brand value grew 103% to US$2.0 billion.Alcoa drops 13 placesIn late 2016, the sixth largest producer of aluminium spun off its mining and production unit into a separate company, retaining the brand name Alcoa, and rebranded the parent company, with a focus on designing and building processed metal parts, as Arconic. As a result of this reorganisation, brand value decreased 57% to US$613 million, largely due to a drop in Alcoa-branded revenues. Despite the changes, the new Alcoas share Brand Value Change 2017-2018 (%)Top 10 Most Valuable BrandsRank 2018: 1 2017: 2 BV 2018: $5,104m BV 2017: $3,947mBrand Rating: AA1+29%Rank 2018: 9 2017: 5 BV 2018: $2,005m BV 2017: $2,686mBrand Rating: A-9-25%Rank 2018: 10 2017: 14 BV 2018: $2,004m BV 2017: $986mBrand Rating: A10+103%Rank 2018: 7 2017: 8 BV 2018: $2,306m BV 2017: $2,203mBrand Rating: A7+5%Rank 2018: 8 2017: 7 BV 2018: $2,093m BV 2017: $2,344mBrand Rating: A+8-11%Rank 2018: 6 2017: 9 BV 2018: $2,759m BV 2017: $2,159mBrand Rating: AA-6+28%Rank 2018: 2 2017: 1 BV 2018: $3,707m BV 2017: $4,174mBrand Rating: A2-11%Rank 2018: 3 2017: 3 BV 2018: $3,638m BV 2017: $3,773mBrand Rating: A3-4%Rank 2018: 4 2017: 6 BV 2018: $3,103m BV 2017: $2,474mBrand Rating: AA4+25%Rank 2018: 5 2017: 4 BV 2018: $2,858m BV 2017: $2,797mBrand Rating: A5+2%Baowu SteelHydroGrupoMexicoBHP China ShenhuaRio TintoVedanta Resources-1%-4%-11%-11%-15%-25%-57%103%53%45%29%28%25%20%HindalcoPoscoValeGlencoreKobelcoThyssenkruppAlcoaBrand Finance Mining, Iron & Steel 25 February 2018 11.Brand Finance Mining, Iron & Steel 25 February 2018 10.Executive Summary.Brand Value Over TimeBrand Value by CountryExecutive Summary.Top 5 Strongest Brandsprice has recently been boosted by higher aluminium prices. It will be interesting to see whether the brand will also be able to move up the ranking again in the future, as the recent brand restructuring cost it a fall from 10th to 23rd place.Thyssenkrupp and Tata seal the dealThyssenkrupp and Tata Steel signed a memorandum of understanding that will lead to a joint venture, merging their respective European operations under a new holding company based in the Netherlands. Thyssenkrupps brand value decreased this year by 25% to US$2.0 billion while Tata Steel improved 4 positions with its brand value increasing 19% to US$725 million. It is not yet clear if the new entity will remain dual-branded but the merger will surely have an impact on the respective brands.Top 25 most valuable Mining, Iron & Steel brandsRank2018Rank2017Brand name Country Brand value(
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