current scrap situation

Article I just picked up from US company Steel Dynamics.Results were down and not good however going forward they said the following


"We are cautiously optimistic about market conditions as we enter December," . "We believe that the precipitous decline in ferrous scrap prices has run its course, as prices rose slightly from November to December. A more stable recycled metallic market, combined with lower-cost ferrous scrap inventories at our flat and long product steel operations positions the company to achieve improved operating margins in the first quarter of 2009, as we believe that steel selling prices are at the bottom and could likely see modest increases.