The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AK STL HLDG CORP COM 001547108 5,590 1,000,000 SH Call SOLE   1,000,000 0 0
ALCOA CORP COM 013872106 11,911 255,500 SH   SOLE   255,500 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 11,940 463,500 SH   SOLE   463,500 0 0
AUTODESK INC COM 052769106 7,432 66,200 SH   SOLE   66,200 0 0
BANCO MACRO SA SPON ADR B 05961W105 9,065 77,250 SH   SOLE   77,250 0 0
BANK AMER CORP COM 060505104 4,103 161,900 SH   SOLE   161,900 0 0
CENTURY ALUM CO COM 156431108 6,877 414,800 SH   SOLE   414,800 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 4,107 11,300 SH   SOLE   11,300 0 0
CITIGROUP INC COM NEW 172967424 17,501 240,600 SH   SOLE   240,600 0 0
CLEVELAND CLIFFS INC COM 185899101 2,962 414,300 SH   SOLE   414,300 0 0
COMCAST CORP NEW CL A 20030N101 17,882 464,700 SH   SOLE   464,700 0 0
DISH NETWORK CORP CL A 25470M109 9,534 175,800 SH   SOLE   175,800 0 0
DOWDUPONT INC COM 26078J100 11,063 159,800 SH   SOLE   159,800 0 0
EBAY INC COM 278642103 2,008 52,200 SH   SOLE   52,200 0 0
FREEPORT-MCMORAN INC CL B 35671D857 7,020 500,000 SH Call SOLE   500,000 0 0
GERDAU S A SPON ADR REP PFD 373737105 1,321 385,000 SH   SOLE   385,000 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,840 55,100 SH   SOLE   55,100 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 2,099 85,000 SH   SOLE   85,000 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 10,113 102,100 SH   SOLE   102,100 0 0
MGM RESORTS INTERNATIONAL COM 552953101 12,299 377,400 SH   SOLE   377,400 0 0
NUCOR CORP COM 670346105 16,268 290,300 SH   SOLE   290,300 0 0
OLIN CORP COM PAR $1 680665205 14,467 422,400 SH   SOLE   422,400 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 10,973 168,550 SH   SOLE   168,550 0 0
PHILIP MORRIS INTL INC COM 718172109 7,504 67,600 SH   SOLE   67,600 0 0
PRICELINE GRP INC COM NEW 741503403 8,056 4,400 SH   SOLE   4,400 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 1,028 13,500 SH   SOLE   13,500 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 6,209 43,100 SH   SOLE   43,100 0 0
SOUTHERN COPPER CORP COM 84265V105 6,517 163,900 SH   SOLE   163,900 0 0
SOUTHWEST AIRLS CO COM 844741108 5,122 91,500 SH   SOLE   91,500 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 55,271 220,000 SH Put SOLE   220,000 0 0
SPDR SERIES TRUST S&P METALS MNG 78464A755 20,946 650,900 SH Put SOLE   650,900 0 0
STEEL DYNAMICS INC COM 858119100 10,117 293,500 SH   SOLE   293,500 0 0
T MOBILE US INC COM 872590104 9,181 148,900 SH   SOLE   148,900 0 0
TESLA INC COM 88160R101 3,854 11,300 SH   SOLE   11,300 0 0
TURQUOISE HILL RES LTD COM 900435108 1,486 479,500 SH   SOLE   479,500 0 0
UNITED STATES STL CORP NEW COM 912909108 8,930 348,022 SH   SOLE   348,022 0 0
VALE S A ADR 91912E105 2,769 275,000 SH Call SOLE   275,000 0 0
VALE S A ADR 91912E105 8,016 796,000 SH   SOLE   796,000 0 0
WESTLAKE CHEM CORP COM 960413102 15,405 185,400 SH   SOLE   185,400 0 0