AK has more leverage than Nucor because their cost basis is largely fixed. And more than half their sales go to the automotive sector. But if things continue the way they seem to be going, with the supply side getting better and demand having gotten past the worst point, then I would say both stocks will have a very good year. But he is far more downbeat than Morrison on the group as a whole. It's a very, very tough environment out there despite the performance of the stocks.
Pricing is still very sluggish and at very low levels.
Inventories are still problematic. They've come down but not anywhere near enough to constitute a normal market. And the last piece of data we received last Thursday was that imports were up 30 percent from February to March, which reversed a trend of steadily declining imports for the previous three months. So it's too early to say that everything is okay again based on the fact that the stocks are doing better. But the Morgan Stanley Dean Witter team's endorsement isn't very hardy.