CMC 4th Quarter 2007
2008
Annual Meeting
of Shareholders
Outlook – Poland/Croatia - CEE
§Steel Arbitrage Worked in Poland
–High Prices, Strong Currency, Growing Economy Attracted Too Many Imports First Half Calendar 2007
§Inventories Working Down
§Seasonal Impact
§Margin Squeeze – Currency / Exports
§Prices Increasing
§Anticipate Bounce Back Spring / Summer 2008
§New Polish Government – Pro Business
§From Poland Through to Russia, Construction Markets Should Remain Strong.
§Croatia - Turnaround