Question-and-Answer Session
Operator
(Operator instructions). We'll take our first question from Charles Bradford with Bradford Research.
Charles Bradford – Bradford Research
Hi, good morning.
Keith Busse
Good morning, Chuck.
Charles Bradford – Bradford Research
I understand that you guys have dropped out of the AISI. What's that mean as far as your data? Are you going to continue to supply information?
Keith Busse
Chuck, I really don't know whether we're obligated. I don't think we're obligated to supply information, but then again we're still members of the steel manufacturers association. And I don't know whether or not we report that data at all. I know they at least report our products data, but I imagine they report flat roll data as well. So it will get reported and/or consolidated I do believe.
Charles Bradford – Bradford Research
Because we're always interested in the quality of the data we receive and with you guys, about 5% of the industry, if the AISI who has most of the data doesn't get it, I think we all have to question the validity we are getting.
Keith Busse
Yes, I don't think we have any real problem providing that data. They're just numbers. We incorporate which everybody can best assimilate that data.
Charles Bradford – Bradford Research
Thank you.
Operator
And we'll take our next question from Bob Richard of Longbow Research.
Bob Richard – Longbow Research
Good morning, and thanks for taking the call.
Keith Busse
Good morning, Bob.
Bob Richard – Longbow Research
Last summer in recycling, operating profit margins around 7%, I realize ferrous pricing was going up all through that time frame of course before everything cramps up in the fourth quarter. But with inventories written down to such a low market and scrap price probably more up and down what kind of operating profit margins do you expect in recycling here especially since you have – I think you said you have a little more inventory volume and what you expect so you have a pretty low cost base there. What kind of margins are you looking for in recycling here maybe through the first half of 09? Are you able to share that?
Keith Busse
Well, let me say that I did make a comment. I'll let Mark comment as well. The flows at this time really very, very weak. I think the inventories – what he was saying was inventories in the yards are not high, let's put it that way certainly because flows have been down, but with the shutdowns in December and January, the flows are really pretty bad during that time frame so the rate at which they're operating is probably at best 50% of where they would have been earlier this year or the previous year for that matter. Mark?
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