NASPD Fall Conference October 1-3, 2009 InterContinental Hotel – Chicago, IL “The Battle Against China Continues” Roger B. Schagrin Schagrin Associates

How Does the World Trading System Handle One Mercantilist Economy and Other Free Trade Oriented Economies

Can the World Economy Thrive as the Second Largest Economy Manipulates its Currency?

United States Tight Credit China Unlimited Credit

Source: The New York Times – “Recovery Picks Up in China as U.S. Still Ails.” September 17, 2009

“The Battle Against China Continues” DOC AD/CVD Final on Circular Pipe and Mechanical Tubing Light Walled Rectangular Pipe and Tube from China, Antidumping and Countervailing Margins AntidumpingCountervailing Lets Win Quingdao Xhingxing ZZPC Separate Rate Countrywide Rate Circular Welded Carbon-Quality Steel Pipe and Tube from China, Antidumping and Countervailing Margins AntidumpingCountervailing Yulong Shuangjie China wide Separate Rate East Pipe Kingland

“The Battle Against China Continues” DOC AD/CVD Final on Circular Pipe and Mechanical Tubing Circular Welded Small Diamter Line Pipe from China, Antidumping and Countervailing Margins AntidumpingCountervailing Huludao Companies73.87%31.29 Liaoning Northern Steel Pipe Co., Ltd All Others Rate Welded Stainless Pressure Pipe from China, Antidumping and Countervailing Margins AntidumpingCountervailing Winner Companies Froch Enterprise Co., Ltd. (Zhangyuan Metal Industry Co., Ltd Zhejiang Jiuli Hi-Tech Metals Co., Ltd All Others Rate

“The Battle Against China Continues” Circular Welded Pipe from China 1 Import Volume (Net Tons) ,122715,728748,1818,607 Circular Welded Line Pipe from China 2 Import Volume (Net Tons) ,673224,357280,820118,131 Light Walled Rectangular Tubing 3 Import Volume (Net Tons) ,94581,65788, Welded Stainless Pressure Pipe 4 Import Volume (Net Tons) ,39423,71230,3716,700 1 Case filed June 7, Case filed April 2, Case filed June 27, Case filed January 28, 2008

OCTG CVD Preliminary Margins 1)Changbao – 24.33% 2)TPCO – 10.90% 3)Wuxi Seamless – 24.92% 4)JianLi – 30.69% 5)All Other – % Issued by the U.S. Department of Commerce on September 9, 2009