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I dislike this event not because of the awful rewards (Lugh coming out tanked the weapon ore prices), but because the idea behind it should be a permanent mechanic of its own in some form.
10 runs for 1 single steel is awful for an event. But in general, it's a good way to get people to keep running 90s and actually eventually reward players for doing runs. Instead we get 3 max for this single event that can't even reforge once on the lowest tier of equipment given.