We have taken actions to align our cost structure with current business levels to mitigate the effects of these economic conditions. The strike at East Alton had a moderate impact on the segment's profits. Metals' profits were lower primarily because of the economic slowdown which resulted in a loss of substantial volumes throughout its businesses. Most market segments served by the company's strip operations were significantly behind last year's levels. Automotive, coinage, electrical connectors, telecommunications, and distributor markets had much lower demand for the industry's products.
Improvement is projected by the third quarter.
During the first quarter the company purchased 618,870 shares of its common stock. The company has 374,233 shares remaining in its share repurchase authorization. This marks the company's 298th consecutive quarterly dividend. Listeners should log on to the website at least 15 minutes before the call. The call also will be audio archived on the Olin website for future replay.