Steel Industry Update/251 June 2010

Locker Associates, 225 Broadway, Suite 2625 New York NY 10007 Tel: 212-962-2980

Table 1: Selected U.S. Steel Industry Data, April & Year-To-Date

Month of April Year-to-Date
(000 net tons) 2010 2009 % Chg 2010 2009 % Chg
Raw Steel Production ............... 7,667 4,188 83.1% 9,233 5,697 62.1%
Capacity Utilization ................. 74.0 40.8 -- 70.6 42.4 --
Mill Shipments .......................... 7,058 4,042 74.6% 27,595 17,077 61.6%
Exports ..................................... 1,126 617 82.5% 4,119 2,603 58.2%
Total Imports............................. 2,078 1,230 68.9% 7,377 6,727 9.7%
Finished Steel Imports ............ 1,678 1,123 49.4% 5,837 6,230 -6.3%
Apparent Steel Supply*............. 7,609 4,548 67.3% 29,313 20,704 41.6%
Imports as % of Supply*.......... 22.0 24.7 -- 19.9 30.1 --
Average Spot Price** ($/ton) ...... 734 568 29.1% 675 642 5.1%
Scrap Price# ($/gross ton) .......... 400 156 156.4% 341 192 77.7%
Source: AISI, Steel Snapshot *Excl semi-finished imports **Avg price of 8 carbon products #shredded bundles

Table 2: World Crude Steel Production by Region, April & Year-To-Date

(000 metric tons) Month of April Year-to-Date
Region 2010 2009 % Chg 2010 2009 % Chg
European Union.......... 15,418 9,396 64.1% 57,956 40,167 44.3%
Other Europe .............. 2,687 2,136 25.8% 9,787 8,542 14.6%
C.I.S............................ 9,248 7,211 28.2% 34,817 28,640 21.8%
North America............. 9,446 5,530 70.8% 36,697 23,121 58.7%
South America ............ 3,524 2,562 37.6% 13,894 10,437 33.1%
Africa .......................... 1,375 1,262 8.9% 5,333 4,698 13.5%
Middle East................. 1,665 1,499 11.1% 6,358 5,624 13.0%
Asia............................. 77,644 59,701 30.1% 300,363 232,224 29.3%
Oceania ...................... 647 347 86.5% 2,599 1,497 73.6%
Total ........................... 121,653 89,644 35.7% 467,804 354,951 31.8%
Countries
China 55,403 43,618 27.0% 213,865 170,589 25.4%
Japan... 8,988 5,734 56.7% 35,499 23,331 52.2%
United States.. 6,814 3,799 79.4% 26,403 15,783 67.3%
Russia.. 5,640 4,374 28.9% 21,370 17,236 24.0%
India. 5,350 5,254 1.8% 21,649 19,692 9.9%
South Korea... 4,802 3,906 22.9% 18,039 14,148 27.5%
Germany. 3,883 1,874 107.2% 14,815 9,150 61.9%
Ukraine .. 2,974 2,140 39.0% 11,038 8,960 23.2%
All Others... 27,799 18,945 46.7% 105,126 76,062 38.2%
Source: World Steel Association, 6/10
 Steel Industry Update/251

Source: Wordsteel.net, June 2010

Source: Worldsteel.net, June2010

Table 3: US Steel Imports by Country, Jan-April 2010

Country Y-T-D 10 Y-T-D 09 % Chg
Canada 2,401 1,204 99.4%
EU 1,244 1,034 20.4%
Mexico 1,049 654 60.4%
Korea 554 617 -10.2%
Japan 424 516 -17.8%
Russia 365 327 11.7%
China 233 1,005 -76.9%
Australia 206 95 117.0%
Turkey 201 295 -31.9%
Brazil 181 189 -4.4%
Others 513 791 -35.1%
Total 7,371 6,727 9.6%
Source: Steel Guru, 6/10; in 000 tons
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Table 4: WSD Global Steelmaker Ranking

Weighted Average
Rank Company Score
1 POSCO 7.84
2 SAIL 7.41
3 NLMK 7.40
4 Severstal 7.38
5 CSN 7.30
6 Nucor 7.28
7 JSW Steel 7.24
8 BaoSteel 7.20
9 BlueScope 7.19
10 TATA Corus 7.17
Source: World Steel Dynamics, May 20, 2010; as of 1/10

Table 5: Turkish Steel Exports, May 2010

Country Volume (US$)
UAE $173,293,677
Saudi Arabia 166,829,785
Libya 71,524,097
Iraq 67,516,911
USA 44,724,678
Italy 39,227,143
Egypt 33,613,161
Israel 26,036,477
Iran 22,627,883
Algeria 19,013,161
Source: Steel Orbis, June 4, 2010

Table 6: Ukraine Rolled Steel Products, Jan-Apr, 2010

Product (in tonnes) J-A10 J-A09 % Chg
Rebar 153,824 150,684 -2.0%
Beam 11,272 13,934 23.6%
Wire rod 123,675 158,963 28.5%
HR sheet/coil 559,783 639,377 14.2%
CR sheet/coil 89,430 94,395 5.6%
Angle 46,544 72,420 55.6%
Channel 40,544 42,826 5.6%
Other 325,273 665,887 104.7%
Overall Consumption 1,350,345 1,838,487 36.1%
Source: Steel Guru, May 2010

Table 7: China Steel Products Exports, April 2010

Country Apr'10 Jan-Apr'10 Share
South Korea 931,402 3,020,379 23.3%
India 480,993 1,303,532 10.0%
Viet Nam 345,757 748,783 5.8%
Brazil 132,666 445,359 3.4%
Thailand 101,824 345,240 2.7%
US 62,981 275,525 2.1%
Total 4,301,612 12,986,387 --
Source: Mysteel.net, May 29, 2010; in tonnes

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Table 8: World Steel Dynamics European Steelmaker Rankings as of January, 2010

Factor Weight ArcMittal ThyKrupp SSAB Voestalp
Annual Shipments (in mil tonnes) 129 16 7 6
Size 0.06 10 6 4 4
Expanding capacity 0.06 6 8 4 5
Location in high-growth markets 0.06 6 4 3 4
Dominance in mature markets 0.04 8 7 6 7
Downstream businesses 0.04 5 7 6 7
M&A. Alliances and JVs 0.06 10 9 6 8
Harnessing tech revolution 0.06 7 7 7 7
Environment and safety 0.04 9 9 9 9
Country risk factor 0.06 7 10 10 10
"Pricing Power" with large buyers 0.06 8 8 7 8
Threat from nearby competitors 0.04 7 6 6 6
Conversion costs; yields 0.05 8 10 8 10
Cost-cutting efforts 0.04 10 6 6 6
Raw material costs 0.03 7 6 6 6
Iron ore mines 0.03 7 2 5 2
Coking coal mines 0.03 5 3 3 3
Location to procure raw materials 0.03 6 6 6 6
Labor costs 0.04 6 4 6 4
Skilled and productive workers 0.03 S 10 10 10
Liabilities for retired workers 0.03 5 6 7 6
Energy costs 0.04 6 5 6 5
Profitability (2009) 0.04 4 4 4 5
Balance sheet 0.03 5 6 6 9
Average Score -- 6.93 6.48 6.13 6.39
Ranking -- 11 24 29 26
Weighted Average Score -- 7.1 6.71 6.64 6.48
Ranking -- 12 21 24 26
Source: World Steel Dynamics, May 25, 2010

Table 9: Crude Steel Production Details for EU, 2009

Country 2007 2008 2009 Share
Austria 7,578 7,594 5,662 4.1%
Belgium 10,692 10,673 5,635 4.1%
Bulgaria 1,909 1,330 726 0.5%
Czech Republic 7,057 6,387 4,594 3.3%
Finland 4,431 4,418 3,078 2.2%
France 19,250 17,879 12,840 9.2%
Germany 48,550 45,833 32,670 23.5%
Greece 2,554 2,477 2,000 1.4%
Hungary 2,241 2,097 1,403 1.0%
Italy 31,553 30,590 19,714 14.2%
Latvia 696 635 692 0.5%
Luxembourg 2,858 2,582 2,141 1.5%
Netherlands 7,368 6,853 5,194 3.7%
Poland 10,632 9,728 7,129 5.1%
Portugal 1,400 1,400 1,400 1.0%
Romania 6,137 4,917 2,686 1.9%
Slovakia 5,089 4,489 3,747 2.7%
Slovenia 638 641 430 0.3%
Spain 18,999 18,640 14,358 10.3%
Sweden 5,635 5,164 2,778 2.0%
United Kingdom 14,317 13,520 10,079 7.3%
EU 27 Total 209,583 197,846 138,958 100.0%
Source: Eurofer, May 30, 2010; in 000 tonnes

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Table 10: Top 50 Metals Service Centers Revenue, 2005-2009 (in US$ million)
Rank Company 2009 2008 2007 2006 2005
1. Reliance Steel & Aluminum $5.318 $8.719 $7.260 $5.743 $3.367
2. McJunkin Red Man Corp 3.700 5.200 3.953 1.714 1.481
3. Ryerson Inc 3.066 5.310 6.000 5.909 5.781
4. ThyssenKrupp Materials NA 2.000 3.000 3.200 3.180 2.350
5. Samuel, Son & Co 1.995 3.222 3.151 2.702 2.675
6. Russel Metals Inc 1.730 3.150 2.400 2.400 2.158
7. O'Neal Steel, Inc 1.587 2.925 2.500 2.300 1.606
8. Carpenter Technology Corp 1.362 1.950 1.940 1.418 1.173
9. Steel Technologies 1.300 1.600 1.300 1.122 0.957
10. Macsteel Service Centers 1.200 2.200 1.900 1.800 1.700
11. Namasco Corp 1.100 1.860 1.557 1.168 1.117
12. Metals USA Inc 1.099 2.156 1.707 1.803 1.639
13. Worthington Steel Co 0.941 1.578 1.384 1.486 1.826
14. Marmon/Keystone Corp 0.850 1.150 1.115 0.916 0.809
15. Alro Steel Corp 0.820 1.145 1.015 0.910 0.850
16. Edgen Murray Corp 0.788 1.250 0.925 0.687 0.263
16. A.M. Castle & Co 0.726 1.385 1.305 1.178 0.959
16. Kenwal Steel Corp 0.720 0.880 0.758 0.761 0.690
19. Steel Warehouse Co. Inc 0.610 1.050 0.668 0.668 0.647
20. Olympic Steel Inc 0.523 1.227 1.029 0.981 0.939
21. Central Steel & Wire Co 0.521 0.910 0.793 0.827 0.757
22. Triple-S Supply 0.510 0.725 0.525 0.482 0.420
23. Cargill Steel Service Centers 0.500 0.598 0.410 0.440 0.420
24. Heidtman Steel Products 0.425 0.809 0.647 0.632 0.629
25. Northern Steel Group Inc 0.392 0.460 0.413 0.578 0.525
26. Majestic Steel USA 0.354 0.537 0.524 0.518 0.505
27. Norfolk Iron & Metal Co 0.340 0.572 0.427 0.418 0.360
28. Eaton Steel Bar Co 0.290 0.350 0.300 0.300 0.300
29. Trident Steel Corp 0.289 0.298 0.245 0.201 0.162
30. Empire Resources Inc 0.275 0.429 0.475 0.426 0.358
31. Brown-Strauss Steel 0.230 0.530 0.415 0.360 0.275
32. Kelly Pipe Co 0.224 0.485 0.258 0.275 0.264
33. Lapham-Hickey Steel Corp 0.220 0.300 0.200 0.205 0.200
34. McNeilus Steel Inc 0.218 0.316 0.259 0.251 0.225
34. Friedman Industries Inc 0.209 0.179 0.199 0.182 0.200
36. Ulbrich Stainless Steels 0.206 0.245 0.225 0.250 0.225
36. Liberty Steel Products Inc 0.203 0.227 0.239 0.230 0.226
38. Chicago Tube and Iron Co 0.200 0.280 0.248 0.230 0.209
39. Magic Steel Sales 0.195 0.260 0.190 0.184 0.145
40. Mill Steel Co 0.185 0.260 0.244 0.225 0.185
41. McNichols Co 0.180 0.205 0.183 0.150 0.211
42. MISA Metals Inc 0.171 0.310 0.292 0.352 0.330
43. Robinson Steel Co 0.170 0.271 0.255 0.237 0.226
44. Pacesetter Steel Service 0.150 0.208 0.175 0.175 0.188
45. Contractors Steel Co 0.142 0.310 0.244 0.235 0.201
46. Ranger Steel Services 0.140 0.433 0.328 0.269 0.235
47. Monarch Steel Co 0.128 0.198 0.175 0.145 0.095
48. Tubular Steel Inc 0.124 0.242 0.250 0.238 0.229
49. Eastern Metal Supply, Inc 0.122 0.217 0.279 0.382 0.270
50. Industrial Metal Supply Co 0.118 0.133 0.127 0.118 0.104
Top 50 Total $38.866 $62.254 $54.611 $48.361 $41.666
Source: Tom Stundzas Steel Snapshot, May 14, 2010

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Table 11: Global Light Vehicle Market Forecast, 2010 & 2011
Region (in 000s) 2010f 2011f % Chg 09 Sales 08 Sales
United States 11,500 13,500 17.4% 10,410 13,228
Western Europe 13,150 13,750 4.6% 14,968 15,376
China 15,552 17,107 10.0% 12,960 8,768
Japan 4,750 4,500 -5.3% 4,551 4,978
Others 22,630 23,450 3.6% 21,141 23,677
Totals 67,582 72,307 7.0% 64,029 66,027
Source: Moodys Investors Service (Research), 6/10

Table 12: Ranking of North American Container Ports by TEUs, 2008

2008 2007 Absolute 2007 2007
Rank Port (State/Province) Country (in 000s) (in 000s)Change % Chg Rank
1 Los Angeles (CA) United States 7,850 8,355 -505 -6.0% 1
2 Long Beach (CA) United States 6,350 7,312 -962 -13.2% 2
3 New York/New Jersey United States 5,265 5,299 -34 -0.6% 3
4 Savannah (GA) United States 2.616 2,604 12 0.5% 4
5 Port Metro, Vancouver (BC) Canada 2,492 2,496 -3 -0.1% 5
6 Oakland (CA) United States 2,236 2,388 -152 -6.4% 6
7 Hampton Roads (VA) United States 2,083 2,128 -45 -2.1% 7
8 Tacoma (WA) United States 1,861 1,925 -64 -3.3% 9
9 Houston (TX) United States 1,794 1,769 26 1.5% 10
10 Seattle (WA) United States 1,704 1,974 -269 -13.6% 8
11 San Juan (PR) fy United States 1,685 1,695 -10 -0.6% 12
12 Charleston (SC) United States 1,636 1,754 -119 -6.8% 11
13 Montreal (QU) Canada 1,474 1,363 111 8.1% 14
14 Manzanillo (COL) Mexico 1,410 1,410 -- 0.0% 13
15 Honolulu (HI) fy United States 1,124 1,125 -- -0.1% 15
16 Port Everglades (FL) fy United States 985 949 36 3.8% 16
17 Miami (FL) fy United States 828 885 -57 -6.4% 17
18 Veracruz (VER) Mexico 716 730 -14 -1.9% 18
19 Jacksonville (FL) fy United States 697 710 -13 -1.8% 19
20 Baltimore (MD) United States 613 610 2 0.4% 20
21 Anchorage (AK) United States 544 505 39 7.8% 21
22 Lazaro Cardenas (MICH) Mexico 525 270 255 94.2% 25
23 Altamira (TAM) Mexico 436 408 28 7.0% 23
24 Halifax (NS) Canada 387 490 -103 -21.0% 22
25 Wilmington (DE) United States 268 284 -17 -5.9% 24
Source: Logistics Management, May 2010; TEUs=Twenty-Foot Equivalent Units; fy=fiscal year; Absolute Change
is in 000s

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Table 13: AK Steel (AKS) Top Ten Equity Ownership Institutions

Shares % Total % Total
Institution Shares Change Shares Held Assets Date
AllianceBernstein L.P. 11,539,630 -1,781,544 10.50 0.18 3/31/2010
Capital Research Global Investors 5,685,281 0 5.17 0.05 3/31/2010
Vanguard Group, Inc 5,429,392 309,228 4.94 0.02 3/31/2010
State Street Corporation 5,300,754 -299,341 4.82 0.02 3/31/2010
Columbia Management Company 3,092,067 1,853,786 2.81 0.02 3/31/2010
BlackRock Institutional Trust Co 2,832,520 16,309 2.58 0.02 3/31/2010
Royal Bank of Canada 2,887,744 2,887,744 2.64 0.07 12/31/2009
American Century Inv Mgt, Inc 2,273,100 -1,509,318 2.07 0.10 3/31/2010
Van Eck Associates Corporation 2,203,379 -2,035,961 2.01 0.39 3/31/2010
Jgd Management Corp 2,034,102 -738,424 1.85 1.16 3/31/2010
Total: Top 10 Institutions 43,277,969 -1,297,521 39.39 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

Table 14: ArcelorMittal (MT) Top Ten Equity Ownership Institutions

Shares % Total % Total
Institution Shares Change Shares Held Assets Date
Mittal Investments S.a.r.l. 525,000,000 525,000,000 33.63 0.00 4/8/2010
Ispat Intl Investments, SL 112,338,263 112,338,263 7.20 0.00 4/8/2010
Fidelity Mgmt & Research Co 7,537,450 -775,543 0.48 0.07 3/31/2010
AllianceBernstein LP 6,705,647 -1,375,103 0.43 0.20 3/31/2010
Goldman, Sachs & Co 3,957,701 328,508 0.25 0.15 3/31/2010
Credit Suisse First Boston 2,718,991 -593,710 0.17 0.26 3/31/2010
JPMorgan Asset Mgt (UK) 2,156,600 1,327,600 0.14 0.26 3/31/2010
Jefferies & Company, Inc. 1,619,434 1,200,434 0.10 1.86 3/31/2010
Highline Capital Mgmt LLC 1,444,300 1,444,300 0.09 3.82 3/31/2010
Susquehanna Financial Group 1,236,742 1,236,742 0.08 0.20 3/31/2010
Total: Top 10 Institutions 664,715,128 640,131,491 42.57 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

Table 15: Cliffs Natural Resources (CLF) Top Ten Equity Ownership Institutions
Shares % Total % Total
Institution Shares Change Shares Held Assets Date
Capital World Investors 10,884,000 3,124,000 8.05 0.27 3/31/2010
Vanguard Group, Inc 6,399,021 361,508 4.73 0.09 3/31/2010
Wellington Mgmt Company, LLP 5,314,591 -2,440,972 3.93 0.15 3/31/2010
State Street Corporation 5,293,183 -391,617 3.91 0.08 3/31/2010
Goldman Sachs Asset Mgmt, LP 5,230,574 1,984,355 3.87 0.40 3/31/2010
Capital Growth Mgmt Ltd 5,031,700 5,031,700 3.72 5.19 3/31/2010
BlackRock Institutional Trust Co 3,393,810 134,653 2.51 0.06 3/31/2010
Harbinger Capital Partners, LP 2,698,276 0 2.00 43.95 3/31/2010
Capital Guardian Trust Co 2,005,522 -176,000 1.48 0.61 3/31/2010
State of NJ Common Pension Fd 1,968,000 968,000 1.46 0.78 3/31/2010
Total: Top 10 Institutions 48,218,677 8,595,627 35.66 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

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Table 16: Commercial Metals (CMC) Top Ten Equity Ownership Institutions
Shares % Total % Total
Institution Shares Change Shares Held Assets Date
Fidelity Management & Research 8,514,046 3,997,446 7.54 0.03 3/31/2010
State Street Corp 4,512,149 9,473 4.00 0.01 3/31/2010
Vanguard Group, Inc 3,986,471 124,116 3.53 0.01 3/31/2010
BlackRock Institutional Trust Co 3,960,310 244,138 3.51 0.02 3/31/2010
Fisher Asset Management, LLC 3,578,045 695,310 3.17 0.16 3/31/2010
Pyramis Global Advisors, LLC 3,233,384 405,735 2.86 0.10 3/31/2010
AllianceBernstein LP 3,129,129 706,149 2.77 0.03 3/31/2010
BlackRock Fund Advisors 3,109,869 67,401 2.75 0.03 3/31/2010
Goldman Sachs Asset Mgmt, LP 2,947,489 1,182,265 2.61 0.05 3/31/2010
Advisory Research, Inc 2,232,919 -3,730 1.98 0.68 3/31/2010
Total: Top 10 Institutions 39,203,811 7,428,303 34.72 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

Table 17: GerdauAmeristeel (GNA) Top Ten Equity Ownership Institutions

Shares % Total % Total
Institution Shares Change Shares Held Assets Date
Goodman & Company 19,394,930 -250,200 4.46 1.29 3/31/2010
IG Investment Management Ltd 13,901,660 -551,710 3.21 0.47 3/31/2010
Scheer, Rowlett & Assoc Mgmt 8,729,066 620,295 2.01 1.41 3/31/2010
BMO Capital Markets Corp 6,656,147 1,140,432 1.53 0.17 3/31/2010
Tetrem Capital Management Ltd 4,384,675 383,700 1.03 0.77 3/31/2010
Franklin Advisers, Inc 3,859,750 41,200 0.88 0.06 3/31/2010
CIBC Global Asset Mgmt Inc 3,811,351 1,915,826 0.88 0.26 3/31/2010
Natcan Investment Mgmt Inc 3,682,490 1,815,620 0.85 0.55 3/31/2010
Altrinsic Global Advisors LLC 2,871,850 0 0.66 0.50 1/31/2010
Leith Wheeler Investment Counsel 2,780,400 75,000 0.64 2.27 4/30/2010
Total: Top 10 Institutions 70,072,319 5,190,163 16.15 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

Table 18: Nucor (NUE) Top Ten Equity Ownership Institutions

Shares % Total % Total
Institution Shares Change Shares Held Assets Date
State Farm Mutual Auto Ins Co 29,981,200 0 9.52 3.07 3/31/2010
Capital World Investors 23,685,700 12,198,036 7.52 0.38 3/31/2010
State Street Corporation 12,129,481 -481,070 3.85 0.11 3/31/2010
Vanguard Group, Inc 11,697,874 501,966 3.71 0.11 3/31/2010
BlackRock Institutional Trust Co 8,374,834 -3,562,992 2.66 0.10 3/31/2010
T. Rowe Price Associates, Inc 7,986,248 391,960 2.54 0.14 3/31/2010
Fisher Asset Management, LLC 6,490,683 -118,533 2.06 0.89 3/31/2010
Victory Capital Management Inc 6,024,136 -1,332,809 1.91 0.91 3/31/2010
Franklin Advisers, Inc 5,928,114 3,449,015 1.88 0.52 3/31/2010
Clearbridge Advisors, LLC 5,021,229 -12,546 1.59 0.44 3/31/2010
Total: Top 10 Institutions 117,319,499 11,033,027 37.24 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

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Table 19: Olympic Steel (Zeus) Top Ten Equity Ownership Institutions
Shares % Total % Total
Institution Shares Change Shares Held Assets Date
Royce & Associates, LLC 1,389,635 -6,600 12.77 0.16 3/31/2010
Advisory Research, Inc. 873,083 -20,190 8.02 0.57 3/31/2010
Fisher Asset Management, LLC 746,978 -8,302 6.86 0.07 3/31/2010
Dimensional Fund Advisors, Inc. 735,651 -5,765 6.76 0.03 3/31/2010
Columbia Management Company 728,316 375,118 6.69 0.01 3/31/2010
Goldman Sachs Asset Mgmt, LP 591,443 226,722 5.43 0.02 3/31/2010
Vanguard Group, Inc. 481,170 3,787 4.42 0.00 3/31/2010
Cortina Asset Management LLC 472,955 170,735 4.35 0.98 3/31/2010
BlackRock Fund Advisors 412,345 14,151 3.79 0.01 3/31/2010
BlackRock Institutional Trust Co 381,590 52,245 3.51 0.00 3/31/2010
Total: Top 10 Institutions 6,813,166 801,901 62.60 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

Table 20: Reliance Steel & Aluminum (RS) Top Ten Equity Ownership Institutions
Shares % Total % Total
Institution Shares Change Shares Held Assets Date
Royce & Associates, LLC 5,425,553 90,470 7.35 0.94 3/31/2010
Lord Abbett & Co LLC 5,221,050 -769,379 7.07 0.55 3/31/2010
Vanguard Group, Inc 2,378,485 75,472 3.22 0.02 3/31/2010
Franklin Advisers, Inc 2,231,800 -25,900 3.02 0.21 3/31/2010
State Street Corporation 2,231,818 -176,116 3.02 0.02 3/31/2010
BlackRock Institutional Trust Co 1,938,823 -611,477 2.63 0.03 3/31/2010
Fidelity Mgmt & Research Co 1,667,325 -197,100 2.26 0.02 3/31/2010
AllianceBernstein LP 1,371,987 99,344 1.86 0.05 3/31/2010
Robeco Investment Mgmt, Inc 1,371,371 42,503 1.86 0.44 3/31/2010
BlackRock Fund Advisors 1,354,821 66,670 1.84 0.04 3/31/2010
Total: Top 10 Institutions 25,193,033 -1,405,513 34.13 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

Table 21: Rio Tinto (RTP) Top Ten Equity Ownership Institutions
Shares % Total % Total
Institution Shares Change Shares Held Assets Date
State Farm Mutual Auto Ins Co 3,365,705 0 1.11 1.80 3/31/2010
Wentworth Hauser & Violich Inc. 1,918,873 78,689 0.63 4.19 3/31/2010
Fisher Asset Management, LLC 1,653,881 -10,439 0.55 1.18 3/31/2010
Fidelity Mgmt & Research Co 1,192,407 41,698 0.39 0.06 3/31/2010
Columbia Management Company 987,780 432,301 0.33 0.08 3/31/2010
Wellington Management Co, LLP 679,970 160,355 0.22 0.07 3/31/2010
Turner Investment Partners Inc 653,535 201,411 0.22 0.90 3/31/2010
TD Asset Management Inc 467,000 372,000 0.15 0.35 3/31/2010
Van Eck Associates Corporation 462,745 24,604 0.15 0.85 3/31/2010
Credit Suisse Asset Mgmt, LLC 302,160 90 0.10 0.43 3/31/2010
Total: Top 10 Institutions 11,684,056 1,300,709 3.85 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

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Table 22: Russel Metals (RUSMF) Top Ten Equity Ownership Institutions
Shares % Total % Total
Institution Shares Change Shares Held Assets Date
IA Clarington Investments Inc 1,763,900 78,650 2.95 2.72 3/31/2010
RBC Life Insurance Co 1,886,342 -8,068 3.16 0.15 2/28/2010
Standard Life Assurance Co 1,641,287 685,522 2.75 0.91 5/31/2010
MFC Global Investment Mgmt LLC 1,359,187 520 2.28 0.61 3/31/2010
IG Investment Management Ltd 1,271,900 -137,800 2.13 1.37 3/31/2010
BlackRock 936,958 5,284 1.57 0.86 5/31/2010
RBC Asset Management Inc 807,080 -115,200 1.35 0.18 2/28/2010
MFC Global Investment Mgmt 707,709 -10,869 1.19 0.48 5/31/2010
Bissett Investment Management 537,500 5,000 0.90 1.42 3/31/2010
Scotia Asset Management 449,860 -80,720 0.75 0.26 4/30/2010
Total: Top 10 Institutions 11,361,723 422,319 19.03 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

Table 23: Schnitzer Steel (SCHN) Top Ten Equity Ownership Institutions
Shares % Total % Total
Institution Shares Change Shares Held Assets Date
Royce & Associates, LLC 3,834,073 439,325 13.81 0.71 3/31/2010
Columbia Management Company 3,448,749 1,771,952 12.42 0.06 3/31/2010
M&G Investment Mgmt LTD 2,269,413 2,269,413 8.17 0.00 5/17/2010
Advisory Research, Inc 1,999,891 -25,650 7.20 2.11 3/31/2010
Columbia Management Advisors 1,550,400 60,400 5.58 0.72 4/30/2010
Vanguard Group, Inc 939,150 -5,865 3.38 0.01 3/31/2010
M&G Investment Mgmt Ltd 1,000,000 -200,000 3.57 0.72 2/28/2010
Samlyn Capital, Llc 763,943 441,643 2.75 1.52 3/31/2010
BlackRock Institutional Trust Co 539,746 -186,363 1.94 0.01 3/31/2010
Goldman Sachs Asset Mgmtt, LP 530,075 -107,723 1.91 0.03 3/31/2010
Total: Top 10 Institutions 16,875,440 4,457,132 60.73 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

Table 24: Steel Dynamics (STLD) Top Ten Equity Ownership Institutions
Shares % Total % Total
Institution Shares Change Shares Held Assets Date
Wellington Mgmt Company, LLP 11,767,765 -46,520 5.44 0.08 3/31/2010
AllianceBernstein LP 10,805,382 -995,330 4.99 0.13 3/31/2010
Vanguard Group, Inc 7,075,968 221,933 3.27 0.02 3/31/2010
State Street Corp 6,338,230 -54,180 2.93 0.02 3/31/2010
BlackRock Institutional Trust Co 5,486,725 248,223 2.54 0.03 3/31/2010
Columbia Management Co 5,329,954 2,738,388 2.46 0.03 3/31/2010
BlackRock Fund Advisors 5,043,331 310,594 2.33 0.05 3/31/2010
D. E. Shaw & Co LP 4,664,583 749,427 2.16 0.22 3/31/2010
State of NJ Common Pension Fd 4,300,000 -1,440,000 1.99 0.42 3/31/2010
Van Eck Associates Corporation 3,414,844 -2,859,076 1.58 0.46 3/31/2010
Total: Top 10 Institutions 64,226,782 -1,126,541 29.69 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

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Table 25: Worthington Industries (WOR) Top Ten Equity Ownership Institutions
Shares % Total % Total
Institution Shares Change Shares Held Assets Date
Southeastern Asset Mgmt Inc 6,690,400 -18,000 8.45 0.53 3/31/2010
Capital Research Global Investors 3,639,800 0 4.6 0.03 3/31/2010
Fifth Third Bancorp 3,008,500 0 3.8 0.65 3/31/2010
Vanguard Group, Inc 2,911,669 115,974 3.68 0.01 3/31/2010
BlackRock Fund Advisors 2,156,836 1,258 2.72 0.02 3/31/2010
State Street Corporation 2,084,037 -42,180 2.63 0.01 3/31/2010
BlackRock Institutional Trust Co 1,817,837 -36,032 2.3 0.01 3/31/2010
Northern Trust Investments, NA 1,520,918 13,756 1.92 0.01 3/31/2010
Dimensional Fund Advisors, Inc 1,511,417 -4,442 1.91 0.04 3/31/2010
Denver Investments 1,131,157 -3,070 1.43 0.56 3/31/2010
Total: Top 10 Institutions 26,472,571 27,264 33.44 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

Table 26: U.S. Steel (X) Top Ten Equity Ownership Institutions
Shares % Total % Total
Institution Shares Change Shares Held Assets Date
Capital Research Global Investors 9,663,200 2,218,754 6.74 0.25 3/31/2010
Vanguard Group, Inc 6,918,332 151,681 4.83 0.09 3/31/2010
State Street Corporation 5,838,004 -406,086 4.07 0.08 3/31/2010
Eaton Vance Management 5,369,309 177,936 3.75 0.67 3/31/2010
J.P. Morgan Investment Mgmt Inc 5,233,747 1,462,145 3.65 0.38 3/31/2010
Brookside Capital Mgmt Llc 4,995,500 0 3.48 3.84 3/31/2010
Lord Abbett & Co LLC 4,397,578 1,085,778 3.07 0.60 3/31/2010
Capital World Investors 4,016,900 0 2.80 0.09 3/31/2010
T. Rowe Price Associates, Inc 3,927,800 1,332,690 2.74 0.10 3/31/2010
Columbia Management Co 3,863,510 1,094,319 2.69 0.08 3/31/2010
Total: Top 10 Institutions 54,223,880 7,117,217 37.82 -- --
Source: Morningstar.com 6/10; compiled by Locker Associates

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Locker Associates Steel Track: Spot Prices

U.S. Flat-Rolled Prices U.S. Other Product Prices
1100 1350
($ per ton) ($ per ton)
1250
1000

1150
900 CF Bar (SBQ)
1050
Plate
800
950

CR Sheet
700 850

600 750
Beam
650
500

HR Sheet 550
400 Wire Rod
450

300
350

200 250
89 93 97 04 05 07 q2 q4 J M M J A S O N D J F M A M 89 93 97 04 05 07 q2 q4 J M M J A S O N D J F M A M

Locker Associates Steel Track: Performance

U.S. Raw Steel Production 100%
U.S. Capacity Utilization
10.0
(mil net tons)
2010 2009
2010
9.0 90%
2009

8.0 80%

7.0 70%

6.0 60%

5.0 50%

4.0 40%

3.0 30%
J F M A M J J A S O N D J F M A M J J A S O N D
2010 6.9 6.9 7.8 7.7 2010 64% 71% 73% 74%
2009 4.5 4.4 4.4 4.2 4.5 4.8 5.6 6.1 6.4 6.6 6.3 6.5 2009 43% 46% 43% 41% 43% 47% 52% 58% 62% 62% 61% 61%

U.S. Spot Prices for Selected Steel Products, May & Year-to-Date
Month of May Year-To-Date
($ per net ton) 2010 2009 % Chg 2010 2009 % Chg
Hot Rolled Sheet.. 677 392 72.7% 628 459 36.8%
Cold Rolled Sheet........ 788 477 65.2% 738 547 34.7%
HD Galvanized Sheet.. 844 564 49.6% 774 627 23.4%
Coiled Plate................. 708 494 43.3% 626 686 -8.8%
Cold-Finished Bar (SBQ).. 895 798 12.2% 804 804 0.0%
Wide-Flange Beams.... 740 687 7.7% 714 784 -8.9%
Wire Rod/Low Carbon. 665 509 30.6% 651 577 12.8%
Rebar........................... 607 462 31.4% 569 503 13.2%
Average Spot Price+.. 741 548 35.2% 688 623 10.4%
OCTG Seamless Tube 1,731 1,789 -3.2% 1,674 2,001 -16.3%
Scrap ($/gross ton)*..... 355 197 80.2% 344 193 78.2%
Sources: Steel Snapshot, Spears Research +Comp price of 8 carbon products *shredded bundles
Update #251