1. Pipe and Tube Comments Preston Publishing Co Paul Vivian Rick Preckel Feb 2010

2. Economic Recovery  Why do we need to know now?  Market says tell us the long term plan…why?  Understand risk..lesson of the day  Look at the history  Feeling good does NOT create demand  Fall is over…so what does up look like?  Most pipe markets have seen some uptick Preston Publishing Co

3. Industrial/Construction Pipe  Standard Pipe  Shipments better but still off 35%  Import market share level with pre-drop rate  Non- resi forecast is weak  Prime Structural  Price is the news of the day  Early demand uptick all but gone?  Leading indicators here still weak  Inventory inline and imports no worry Preston Publishing Co

4. Energy Products  What is the state of demand?  What’s driving the rig count?  OCTG  Line Pipe- large and small OD Preston Publishing Co

5. Pipe…our take on 2011 issues  Raw materials…helping or hurting?  Demand here is better but good enough?  Stimulus spending  Exports..but for how long will cost allow?  Supply management –next 3 months critical Preston Publishing Co late 2010 &

6. Pipe & Tube  2009 for All Pipe & Tube doesn’t make 11 M  Trade cases are a hot topic  Market is segmenting  Price reconnected with steel in most products  Hot Spot- Drilling  2010-11 Wrap, 12.6 M forecast for 2010 becomes 13.2 M for 2011…not what we had hoped for!  Wrap up- Questions? Preston Publishing Co