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
BUILDERS FIRSTSOURCE INC COM 12008R107 5,487 300,000 SH   SOLE   300,000 0 0
CONSTELLIUM NV CL A N22035104 4,687 455,000 SH   SOLE   455,000 0 0
COSTAMARE INC SHS Y1771G102 2,354 295,000 SH   SOLE   295,000 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 11,175 500,000 SH   SOLE   500,000 0 0
DELEK US HLDGS INC NEW COM 24665A103 10,536 210,000 SH   SOLE   210,000 0 0
HI-CRUSH PARTNERS LP COM UNIT LTD 428337109 8,496 720,000 SH   SOLE   720,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 170,160 2,000,000 SH Put SOLE   2,000,000 0 0
KRATON CORPORATION COM 50077C106 5,998 130,000 SH   SOLE   130,000 0 0
KRONOS WORLDWIDE INC COM 50105F105 7,322 325,000 SH   SOLE   325,000 0 0
MESABI TR CTF BEN INT 590672101 3,928 160,000 SH   SOLE   160,000 0 0
METHANEX CORP COM 59151K108 15,695 222,000 SH   SOLE   222,000 0 0
PBF ENERGY INC CL A 69318G106 16,772 400,000 SH   SOLE   400,000 0 0
TRONOX LTD SHS CL A Q9235V101 6,002 305,000 SH   SOLE   305,000 0 0
UNITED STATES STL CORP NEW COM 912909108 12,336 355,000 SH   SOLE   355,000 0 0
UNITED STATES STL CORP NEW COM 912909108 25,020 720,000 SH Call SOLE   720,000 0 0
WARRIOR MET COAL INC COM 93627C101 2,481 90,000 SH   SOLE   90,000 0 0
WESTLAKE CHEM CORP COM 960413102 5,382 50,000 SH   SOLE   50,000 0 0