Charles Bradford
Charles Bradford
concerned family owns
If the family owns 88 percent, you need to be concerned about who they are working for, the shareholders or themselves.
bad numbers
I know the numbers are going to be bad for all of these guys,
change company last smart
The last thing that a smart acquirer does is change a company that's successful.
beyond hit
They were reasonable, (considering) they were hit by a lot of things beyond their control.
company metal price reasonable shows surprises
They look terrific. The metal price is the key, and there wasn't any surprises in other areas. It shows you what the company can do in a reasonable environment.
There are a lot more (deals) to do.
gone
That's why nobody's gone after them in the past.
costs higher market means money prices scrap strong
You would think that with their costs going up and prices going up, you wouldn't make much more money or would do a little worse, ... But in reality, there has been a very, very strong correlation: The higher the scrap goes, the more money they make. It just means the market is better overall.
below guidance quarter second steel strongest though
The (second-quarter) guidance was not very strong, below first-quarter numbers, even though the second quarter is historically the strongest for steel companies, especially mini-mills.
came companies goes good list north price sell
I came up with a list of 20 North American companies that could be had. They are not necessarily for sale, but a lot will sell if the price goes up. A lot have warts, but there are some good ones, too.
buy china last places
China may be one of the last places where you can buy things on the cheap.
best companies histories industry last prior quarter terrible third year
Last year's third quarter was the best the industry ever had. There were companies who made as much in a year in their prior histories as they made that quarter, ... This is going to be a - terrible third quarter.
bid following raised seeing steel
I can't recall, in the 40 years I've been following the steel industry, ever seeing a bid that was raised after already winning.
generally percent
It's generally pretty vague. It could be 10 percent or more, but 10 percent or more of what?