re: profitability Hi guys,hope you're all travelling well... not...

re: profitability Hi guys,

hope you're all travelling well... not wanting to be too negative on CMV but just keep an eye on some of the macro stuff... e.g.

1) China exports fell 25% in Feb 09 vs. pcp when analysts expected a small rise

2) Coking coal (steel production) contract prices just renegotiated -44% on last year from Japan.

Less steel needed, who can provide to the Asian mills the cheapest? CMA or a larger more productive player? or an Asian based (less shipping cost) recycler?

Long term good, but short term just be carefull guys...