An ethylbenzene conversion catalyst is described which comprises a molecular sieve and a hydrogenation metal, wherein the catalyst exhibits a benzene hydrogenation activity at 100.degree. C. of less than about 100 and a metal dispersion, as measured by hydrogen chemisorption, greater than 0.4 and wherein the molecular sieve is steamed to an alpha value of less than 400 prior to incorporation of the palladium with the molecular sieve.