Al-Jazeera Steel reported its 4Q2015 headline results with net profit of OMR0.15 million (-71% Y-o-Y, +18% Q-o-Q), below our estimate by 9.0% as revenue missed our forecast by 10%. The Y-o-Y drop in earnings was driven by a 43% Y-o-Y drop in revenue to OMR12.6 million (-15% Q-o-Q), partly due to a sharp correction in steel prices, which impacted product prices and margins, in our view. We believe 18% earnings Q-o-Q growth was likely due to lower provisions.   Management soft launched its rebar facility in 3Q2015, but the impact has yet to materialise, as expected. We conservatively estimate rebar to make a meaningful contribution to revenue starting from 1Q2016. Given weak construction activity, strong competition from imports and volatile steel prices we expect product demand to remain muted in the next few quarters.