WSD Conference Calls

Dear Subscriber,

WSD was pleased to host a Chinese field trip highlights and industry outlook conference call March 17, 2005 that was 20 minutes of prepared remarks by Peter Marcus followed by a question and answer period.

Items discussed included: a) key developments in China with the near- and long-term implications and b) why I'm still negative about global steel pricing developments in the second quarter.

Mark your calendars for our SSS XX conference to be held in New York June 20-22, 2005 at the renovated Sheraton New York Hotel and Towers. Don't miss this great networking opportunity.

Best regards,

Peter