Question-and-Answer Session
Operator
Thank you. (Operator Instructions). We’ll go first to Luke Folta with Longbow Research.
Unidentified Analyst
This is actually, Rob, filling in for Luke right now. The first question I guess is, can you give us any more color on what the shelf registration might be for and any idea if it’s going to be a debt or equity?
Rick Marabito
I was going to say really there is not much more to it than what we’ve said. So we genuinely think that the market environment was right to do it. As we said, we have no immediate plans to do anything. So the answer on whether we do debt or equity really is sort of a moot point at this point. But really what it does is, over the next three years, really just give us some additional financial tools as we look to grow and expand our market share. So, no immediate plans there.
Unidentified Analyst
Okay. And then what were some of your thoughts on metal margins for the quarter and some of your expectations maybe for 4Q or 1Q ‘10?
Michael Siegal
The margins itself. Well, what we saw during the course of the third quarter was steadily improving margins. I don’t know how much materiality to that is. We saw and we’re seeing a relatively good October, as we indicated in the pronouncements, but without any great vision, I mean nobody can anticipate, we have no great visibility in terms of what December is going to look like in terms of the plant shutdowns at this point. So it certainly is better at the present time that we’ve seen in the second quarter. So the indices are all better for us.
Operator
We’ll take our next question from Richard Garchitorena with Credit Suisse.
Richard Garchitorena - Credit Suisse
Good morning. Just a couple of questions from me; first question, you had mentioned in your comments that auto revenues went up on a percentage basis this quarter. Is that primarily from an increase in market share or is that generally just an overall higher level of shipments from autos relative to the others?
David Wolfort
It’s a combination of both Richard. It’s responsiveness in the third quarter to the ?Cash For Clunkers? program, some of the short fall in the marketplace and our ability to respond to that marketplace that were short on some product and obviously we had that product. Additionally, we have been awarded some significant new business, again principally because we’ve gone through an audit process and again the strength of our balance sheet has indicated that we’re an ongoing sustained company and as the auto manufacturers sort out their suppliers, we’re being anointed with some additional business.
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