Final Thoughts

Good evening from Memphis, Tennessee and Ocseola, Arkansas home of Big River Steel. Earlier today our Steel 101: Introduction to Steel Making & Market Fundamentals workshop held our class on the steel making and rolling process. The morning session was then followed by a trip to Osceola and a tour of the brand new (so much so that there is still ongoing construction) Big River Steel mill. I want to thank Mark Bula and Mark Orvis and all of the people at Big River Steel for their support of our Steel 101 program. It is unusual for new people to the industry to get to tour a steel mill, never mind one that is brand new with the “tags” still on… We will have more about our tour and Big River Steel in Thursday evening’s edition of SMU.

We have instituted a weekly update of the Chinese steel industry using a number of the sources we have had for many years as well as some new ones. One of the trading sources that I know well personally from my days as a steel trader sent me a note earlier this morning which speaks volumes about the changes occurring within the steel industry in China, “I am more busy now selling equipment from bankrupt/closed mills than Steel exports John. Amazing times we live in where we were selling product from mills 2-3 years ago and now selling their equipment in Middle East, EU etc.. Most if the equipment is only 4-5 years old.”