[Vision2020] Rising Steel Prices
Dick Schmidt
dickschmidt@moscow.com
Sat, 21 Feb 2004 12:25:21 -0800
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Bill,
I will agree with you that China and several other countries have =
increased demand for steel because they are building plants to house the =
jobs that are leaving here. Several years ago George Bush illegally =
imposed tariffs on imported steel. This had the effect of several =
domestic mills banking their furnaces (closing them) and there have =
been recent bankruptcies in the steel industry. The Japanese came over =
10-15 years ago and invested heavily and modernized plants as a partner =
with National Steel. National Steel went bankrupt a couple years ago due =
to imports and I believe mismanagement. Wheeling-Pittsburgh steel went =
bankrupt for the third time a couple years ago and I understand have =
recently came out of bankruptcy. Butler Manufacturing Co., the largest =
manufacturer of pre-engineered buildings are in trouble because of the =
downturn in demand for steel buildings because there are no new =
plants/jobs being created here.
The devaluation of the dollar world wide is again caused by the huge =
deficit here caused by tax cuts for the rich and tremendous expenditures =
to fight a war, "George Bush's War". As a Republican I can understand =
your wanting to defend Bush but I lost all confidence in him when he =
promised the legislators he would use all options to keep us from going =
to war. They voted for him to use his powers if necessary but he double =
crossed everyone and started an unprovoked war with only England as his =
"coalition forces". Then we later hear that he had this war planned =
right after he took office.
Dick Schmidt
----- Original Message -----=20
From: Bill Strand=20
To: 'Dick Schmidt' ; vision2020@moscow.com=20
Sent: Saturday, February 21, 2004 10:35 AM
Subject: RE: [Vision2020] Rising Steel Prices
Dick,
=20
While I'm not a big fan of our involvement in Iraq, blaming the =
increase in steel prices seems a bit strange. I follow a number of =
commodity prices because of my involvement in the paper industry. In =
January, we were already seeing cancellation of steel deliveries at =
several major projects in North America. My understanding is that it has =
been to increased demand in countries other than Iraq (primarily China, =
but also Mexico, Japan, South Korea). I will be happy to post some URLs =
if you would like.
=20
But higher demand is only one reason for the increased prices. Other =
changes that have occurred include:
=20
- Changing currency rates
- Coke shortages
- Increased energy costs (electricity, natural gas, etc.)
=20
The prices of OSB and lumber have been pretty volatile since the fires =
in BC this summer. The led to a much lower inventory and combine this =
with the tariff dispute, a lot of BC sawmills cut their production. With =
the increase in housing starts, this had led to a continual price climb =
since July. It takes a while for this to reach some consumers (depending =
upon contractual arrangements). I must admit that the EXTREMELY high =
volatility of the OSB prices perplex me. But I doubt this has to do with =
our involvement in Iraq.
=20
Bill Strand
=20
=20
=20
-----Original Message-----
From: vision2020-admin@moscow.com [mailto:vision2020-admin@moscow.com] =
On Behalf Of Dick Schmidt
Sent: Saturday, February 21, 2004 9:13 AM
To: vision2020@moscow.com
Subject: [Vision2020] Rising Steel Prices
=20
All,
=20
I want to clue you in on what has been developing in the steel =
industry. I have been involved in this industry since 1963 and we are =
seeing the largest price increases and shortages I have ever witnessed.
=20
In December they were talking about $30.00 a ton increase on products =
I am now selling, painted light gauge coil for the building industry, =
for $1,375.00 a ton. Yesterday I heard that in the Midwest and east =
coast they are now talking $450.00 a ton price increase. Re-bar =
(deformed reinforcing rod) has gone up 300% in some cases. Some nail =
prices have risen very fast with 16d (2-1/2") Common and 8d (1-1/2") =
Common almost unavailable. Because the price of scrap metal is at an all =
time high, in Detroit thieves had been stealing manhole covers and =
selling them to scrap yards for $7 each until a law was quickly enacted =
to fine any scrap yard found with manhole covers $10,000. We are going =
to be seeing the results of this in the near future in higher prices for =
cars, appliances, steel buildings,and other products made of steel.=20
=20
Contractors on road and bridge jobs that have already been bid are in =
a squeeze because of the higher reinforcing rod prices and other steel =
used. In Michigan one contractor is already contemplating bankruptcy if =
held to contracts for large road projects because of his increased cost =
for steel.
=20
Plywood, OSB and wafer board prices have more than doubled and are in =
short supply in recent weeks so housing costs will be going up.
=20
All this because of George Bush's Iraq war. All the above mentioned =
products are being sent to Iraq as fast as they can be loaded in =
containers to rebuild what our military has destroyed. How fortunate for =
companies like Halliburton.
=20
Dick Schmidt
=20
=20
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<BODY lang=3DEN-US style=3D"tab-interval: .5in" vLink=3Dpurple =
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<DIV>Bill,</DIV>
<DIV> </DIV>
<DIV>I will agree with you that China and several other countries have =
increased=20
demand for steel because they are building plants to house the jobs that =
are=20
leaving here. Several years ago George Bush illegally imposed tariffs on =
imported steel. This had the effect of several domestic mills banking =
their=20
furnaces (closing them) and there have been recent bankruptcies in =
the=20
steel industry. The Japanese came over 10-15 years ago and invested =
heavily=20
and modernized plants as a partner with National Steel. National Steel =
went=20
bankrupt a couple years ago due to imports and I believe=20
mismanagement. Wheeling-Pittsburgh steel went bankrupt for the =
third time a=20
couple years ago and I understand have recently came out of bankruptcy. =
Butler=20
Manufacturing Co., the largest manufacturer of pre-engineered buildings =
are in=20
trouble because of the downturn in demand for steel buildings =
because=20
there are no new plants/jobs being created here.</DIV>
<DIV> </DIV>
<DIV>The devaluation of the dollar world wide is again caused by the =
huge=20
deficit here caused by tax cuts for the rich and tremendous expenditures =
to=20
fight a war, "George Bush's War". As a Republican I can understand your =
wanting=20
to defend Bush but I lost all confidence in him when he promised the =
legislators=20
he would use all options to keep us from going to war. They voted for =
him to use=20
his powers if necessary but he double crossed everyone and started an =
unprovoked=20
war with only England as his "coalition forces". Then we later hear that =
he had=20
this war planned right after he took office.</DIV>
<DIV> </DIV>
<DIV>Dick Schmidt</DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV>----- Original Message ----- </DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Dstrand@pacsim.com href=3D"mailto:strand@pacsim.com">Bill =
Strand</A>=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Ddickschmidt@moscow.com=20
href=3D"mailto:dickschmidt@moscow.com">'Dick Schmidt'</A> ; <A=20
title=3Dvision2020@moscow.com=20
href=3D"mailto:vision2020@moscow.com">vision2020@moscow.com</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Saturday, February 21, =
2004 10:35=20
AM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> RE: [Vision2020] =
Rising Steel=20
Prices</DIV>
<DIV><BR></DIV>
<DIV class=3DSection1>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Dick,<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">While I=92m =
not a big=20
fan of our involvement in =
</SPAN></FONT><st1:country-region><st1:place><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Iraq</SPAN></FONT></st1:place></st1:country-region><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">, blaming =
the=20
increase in steel prices seems a bit strange. I follow a number of =
commodity=20
prices because of my involvement in the paper industry. In January, we =
were=20
already seeing cancellation of steel deliveries at several major =
projects in=20
</SPAN></FONT><st1:place><FONT face=3DArial color=3Dnavy =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">North=20
America</SPAN></FONT></st1:place><FONT face=3DArial color=3Dnavy =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">. My =
understanding is=20
that it has been to increased demand in countries other than=20
</SPAN></FONT><st1:country-region><st1:place><FONT face=3DArial =
color=3Dnavy=20
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Iraq</SPAN></FONT></st1:place></st1:country-region><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial"> (primarily =
</SPAN></FONT><st1:country-region><st1:place><FONT face=3DArial =
color=3Dnavy=20
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">China</SPAN></FONT></st1:place></st1:country-region><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">, but also=20
</SPAN></FONT><st1:country-region><st1:place><FONT face=3DArial =
color=3Dnavy=20
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Mexico</SPAN></FONT></st1:place></st1:country-region><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">,=20
</SPAN></FONT><st1:country-region><st1:place><FONT face=3DArial =
color=3Dnavy=20
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Japan</SPAN></FONT></st1:place></st1:country-region><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">,=20
</SPAN></FONT><st1:country-region><st1:place><FONT face=3DArial =
color=3Dnavy=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">South=20
Korea</SPAN></FONT></st1:place></st1:country-region><FONT face=3DArial =
color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">). I will =
be happy to=20
post some URLs if you would like.<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">But higher =
demand is=20
only one reason for the increased prices. Other changes that have =
occurred=20
include:<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal=20
style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; mso-list: l0 level1 =
lfo1; tab-stops: list .5in"><![if !supportLists]><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial; =
mso-fareast-font-family: Arial"><SPAN=20
style=3D"mso-list: Ignore">-<FONT face=3D"Times New Roman" =
size=3D1><SPAN=20
style=3D"FONT: 7pt 'Times New =
Roman'"> =20
</SPAN></FONT></SPAN></SPAN></FONT><![endif]><FONT face=3DArial =
color=3Dnavy=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Changing=20
currency rates<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal=20
style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; mso-list: l0 level1 =
lfo1; tab-stops: list .5in"><![if !supportLists]><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial; =
mso-fareast-font-family: Arial"><SPAN=20
style=3D"mso-list: Ignore">-<FONT face=3D"Times New Roman" =
size=3D1><SPAN=20
style=3D"FONT: 7pt 'Times New =
Roman'"> =20
</SPAN></FONT></SPAN></SPAN></FONT><![endif]><FONT face=3DArial =
color=3Dnavy=20
size=3D2><SPAN style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Coke=20
shortages<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal=20
style=3D"MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.25in; mso-list: l0 level1 =
lfo1; tab-stops: list .5in"><![if !supportLists]><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial; =
mso-fareast-font-family: Arial"><SPAN=20
style=3D"mso-list: Ignore">-<FONT face=3D"Times New Roman" =
size=3D1><SPAN=20
style=3D"FONT: 7pt 'Times New =
Roman'"> =20
</SPAN></FONT></SPAN></SPAN></FONT><![endif]><FONT face=3DArial =
color=3Dnavy=20
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">Increased =
energy=20
costs (electricity, natural gas, etc=85)<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">The prices =
of OSB and=20
lumber have been pretty volatile since the fires in BC this summer. =
The led to=20
a much lower inventory and combine this with the tariff dispute, a lot =
of BC=20
sawmills cut their production. With the increase in housing starts, =
this had=20
led to a continual price climb since July. It takes a while for this =
to reach=20
some consumers (depending upon contractual arrangements). I must admit =
that=20
the EXTREMELY high volatility of the OSB prices perplex me. But I =
doubt this=20
has to do with our involvement in=20
</SPAN></FONT><st1:country-region><st1:place><FONT face=3DArial =
color=3Dnavy=20
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">Iraq</SPAN></FONT></st1:place></st1:country-region><FONT=20
face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial">.<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">Bill=20
Strand<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3DTahoma =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma">-----Original=20
Message-----<BR><B><SPAN style=3D"FONT-WEIGHT: bold">From:</SPAN></B>=20
vision2020-admin@moscow.com [mailto:vision2020-admin@moscow.com] =
<B><SPAN=20
style=3D"FONT-WEIGHT: bold">On Behalf Of </SPAN></B>Dick =
Schmidt<BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Sent:</SPAN></B> Saturday, February 21, =
2004 9:13=20
AM<BR><B><SPAN style=3D"FONT-WEIGHT: bold">To:</SPAN></B>=20
vision2020@moscow.com<BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Subject:</SPAN></B> [Vision2020] Rising =
Steel=20
Prices</SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"><o:p> </o:p></SPAN></FONT></P>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt">All,<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">I want to clue you in on what =
has been=20
developing in the steel industry. I have been involved in this =
industry since=20
1963 and we are seeing the largest price increases and shortages I =
have ever=20
witnessed.<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">In December they were talking =
about=20
$30.00 a ton increase on products I am now selling, painted light =
gauge coil=20
for the building industry, for $1,375.00 a ton. Yesterday I heard that =
in the=20
Midwest and east coast they are now talking $450.00 a ton price=20
increase. Re-bar (deformed reinforcing rod) has gone up 300% in =
some=20
cases. Some nail prices have risen very fast with 16d (2-1/2") =
Common and=20
8d (1-1/2") Common almost unavailable. Because the price of scrap =
metal=20
is at an all time high, in Detroit thieves had been stealing manhole =
covers=20
and selling them to scrap yards for $7 each until a law was quickly =
enacted to=20
fine any scrap yard found with manhole covers $10,000. We are going to =
be=20
seeing the results of this in the near future in higher prices for =
cars,=20
appliances, steel buildings,and other products made of steel.=20
<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">Contractors on road and =
bridge jobs that=20
have already been bid are in a squeeze because of the higher =
reinforcing rod=20
prices and other steel used. In Michigan one contractor is =
already=20
contemplating bankruptcy if held to contracts for large road projects =
because=20
of his increased cost for steel.<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">Plywood, OSB and wafer board =
prices have=20
more than doubled and are in short supply in recent weeks so housing =
costs=20
will be going up.<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">All this because of George =
Bush's Iraq=20
war. All the above mentioned products are being sent to Iraq as fast =
as they=20
can be loaded in containers to rebuild what our military has =
destroyed. How=20
fortunate for companies like =
Halliburton.<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: 12pt">Dick=20
Schmidt<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 0.5in"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN=20
style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV></DIV></BLOCKQUOTE></BODY>=
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