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steelmaking by-products. In the U.S., several producers that had shut down their steelmaking plants under bankruptcy protection have been acquired and re-started under new ownership, enabling us to resume services and renegotiate new contracts. 

In 2003, we plan to increase our capital expenditures to pursue a number of targeted opportunities for add-on services with our existing customers, and to undertake new sites and new customers. We estimate that the available target market for our mill services represents approximately 500 million tons of liquid steel production per year, the equivalent of about 55-60% of the world's current output. Given that our penetration level is still less than 20%, we believe there is substantial room to grow market share. In particular, we see considerable opportunities to move up the value chain with specialized services increasingly centered on supporting and enhancing our customers' most essential core operations. 

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