CMC 4th Quarter
2007
2008
Annual Meeting
of Shareholders
Summary – Outlook 2008
§U.S.
Steel Prices Lowest in the World
§Declining Steel Imports
§Weak
U.S.$ Barrier to Imports
§High
Ocean Freights Also a Barrier to Imports
§Low Inventory Levels – Mills/Service Centers
§Ferrous Scrap Prices at All-Time Highs;
Will Correct at High Levels
Will Correct at High Levels
§Supply
Driving Up Steel Prices
§Rebar/Merchant Bar Margin Spread Well Over $300/Ton
§Non-Residential
Construction Remains Very Good
Positives – U.S.