Years Ended December 31

2006

2005

2004

2003

2002

Net sales

$

3,775,603

$

3,032,727

$

2,531,390

$

1,358,811

$

1,132,952

Cost of sales

2,667,452

2,051,491

1,807,339

1,243,151

1,026,314

Gross income

1,108,151

981,236

724,051

115,660

106,638

Selling, general & administration

111,505

83,334

61,467

54,683

51,358

Operating income

996,646

909,669

667,509

60,977

55,280

Interest expense

27,356

35,631

54,407

51,747

42,604

Income before income taxes

994,991

883,545

618,857

16,208

19,178

Income taxes (benefit)

351,877

297,729

178,165

11,536

(19,523

)

Net income before cumulative effect of accounting change

643,114

585,816

440,692

4,672

38,701

Cumulative effect of accounting change, net of taxes

—

—

14,250

(1)

—

—

Net income available to common shareholders

643,114

585,816

454,942

1,639

33,093

Earnings Per Common Share:

Basic

13.57

12.07

9.42

0.03

0.71

Diluted

13.43

11.96

8.69

0.03

0.66

Total assets

4,131,753

2,639,019

2,291,465

1,880,718

1,716,354

Total long-term debt

879,675

313,053

513,651

625,664

573,590

Cash dividends declared per share —Common (CDN)

0.78

0.56

0.25

0.20

0.20

Cash dividends declared per share —preferred (CDN)

0.00

0.00

0.34

1.38

1.38

Common shares outstanding

47,213,592

48,051,619

49,737,180

47,940,907

47,667,487

Tons shipped

Steel Mill Products

2,714,815

2,340,176

2,432,935

2,196,642

2,114,955

Tubular Products

1,353,780

1,120,296

1,128,320

940,472

781,948

Total

4,068,595

3,460,472

3,561,245

3,137,114

2,896,903