JUNE 2008 QUARTER 8% REBOUNDS IN MET COAL OUTPUTS FROM JUNE 2007 AND 37.7% FROM MARCH 2008 TO SIGNAL DROPS TOWARDS $750 HOT-ROLLED SHEET, $200 ASIAN MET COAL, $500 #1 BUSHELING AND $400 HEAVY MELT SCRAP STEEL; WE VIEW JULY-AUGUST A “SUMMER SELLOFF” RATHER THAN END OF WORLD August 9, 2008

JUNE 2008 QUARTER 8% REBOUNDS IN MET COAL OUTPUTS FROM JUNE 2007 AND
37.7% FROM MARCH 2008 TO SIGNAL DROPS TOWARDS $750 HOT-ROLLED SHEET,
$200 ASIAN MET COAL, $500 #1 BUSHELING AND $400 HEAVY MELT SCRAP STEEL;
WE VIEW JULY-AUGUST A “SUMMER SELLOFF” RATHER THAN END OF WORLD August 9, 2008