Question-and-Answer Session
Operator
Thank you sir. We will now begin the question and answer session. (Operator instructions) And the first question in the line up will come from Cuni Chen with Bank of America Securities
Cuni Chen with Bank of America Securities
Hi, good morning everybody.
Audience
Good morning.
Cuni Chen with Bank of America Securities
Can you, just to start off, talk a bit about the state of the various construction markets and some of the trends that you are seeing in your business, talk about what’s been holding up and which end markets you see are starting to roll over in a faster pace.
Murray McClean - President, Chief Executive Officer, Director:
Here in the US or globally?
Cuni Chen with Bank of America Securities
Both.
Murray McClean - President, Chief Executive Officer, Director:
In the US the weakest markets we see in relates more to retail shopping-centers, movies, etc, like commercial. After the events of September and this month of October, a lot of customers, it’s just sitting back and waiting. We’ve seen some jobs being canceled but most or many jobs are being delayed and some jobs there’s a lot of rebidding work going on. It’s a wait and see attitude. As I’ve mentioned earlier, we really need to wait until some form of confidence is restored and we get a clearer view of how things are going to eventuate. Globally, the biggest slowdowns I’ve seen are probably in Europe and clearly in the Middle East, there’s a lot of unsold rebar in the Middle East, risk cargoes, etc and until that inventory works through the system you won’t see a recovery there so that could be some time away.
Cuni Chen with Bank of America Securities
Okay. And Poland obviously - great quarter there. But we have seen a depreciation of this body in recent months. What do you anticipate is the net impact of FX? Obviously that helps the exports outside of Poland but then hurts your translation? If you could just give us some view there of the next quarter or two.
Murray McClean - President, Chief Executive Officer, Director:
Poland looks reasonably good. I mean it will be down like many of the markets but Poland is a little bit blessed, they’ve got EU funds available for infrastructure spending. They looked in reasonable shape. Clearly their markets go down as winter approaches but Poland looks reasonably good and we’re probably more Clearly their markets go down as winter approaches but Poland looks reasonably good and we’re probably more and this statistic about Poland, longer term than some of the other markets.
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