The commodity price easing really does not play too much role in our margins because our basic raw material - steel - is not really a commodities engineering steel.
Sentiment: NEGATIVE
I strongly believe that for the steel prices to be market-driven, without distortions, we need to substantially increase the production capacity.
The steel business is a local business. We do believe in the U.S. economy and would like to have a strong, balanced presence here.
A commodity producer should be comfortable being exposed to prices.
You can no longer buy commodities at Merrill Lynch. My guess is many analysts and even executives are too young to know how profitable a hot commodities market can be. They will soon.
Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market is very cheap. We don't. The market quite incorrectly gives full credit to today's earnings.
Global overcapacity in steel production can no longer be ignored. Foreign governments' intervention in steel markets has had a devastating impact on the U.S. industry.
Commodities tend to zig when the equity markets zag.
In crude oil trading, we have seen a 46 percent increase over 1 year in the margins there.
Although oil is a commodity, it's still not a commodity like coffee, which, thank God, we will have with us always. At some point the oil will run out.
I generally disagree with most of the very high margin opportunities. Why? Because it's a business strategy tradeoff: the lower the margin you take, the faster you grow.
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