RE:Excessive OptimismYou make some valid points Jasonuw , but , I think your numbers are a little off. Sounds like maybe you are in a short position which is OK , thats what makes a market. That being said , the stock will react to the price of steel , especially in the short term , but the real key to understanding Stelco is knowing the demand side of the equation , and how management reacts to that demand. for all we know maybe management has changed their position and has done some hedging. That is why I was asking for an update a couple of weeks ago. Not an update on the earnings side , but an update on the production side. As for the demand , who knows . Who are they selling to , can they pivit from one area to another , are they sold out for this year Etc. Canada will have their own infrusture plan soon so I am not concerned on that level. What I do know is this: the stock is getting to cheap given the amount of cash they are building up, and and even if steel prices continue to go down , they are still going to make alot of money next year and who knows after that. So I continue to think this is an obvious takeover target !