STOCKCHASE

Gordon Higgins, CA, MBA, CFA

Sold his holdings in the $30’s. Quite a flat chart over time. Steel industry is cyclical. This company has gone bankrupt twice at the bottom of the previous 2 steel cycles, but has new management, new balance sheet and excess cash. Outlook is a little tepid than it was.

2006-12-21

BUY

34.060

Has been a stellar performer. Bought back a lot of their shares. Steel prices look pretty solid at the moment. A cyclical company. Solid balance sheet. Will be starting to produce their own energy. Reasonable value.

2006-11-28

PAST TOP PICK

33.150

(A Top Pick Aug 11/05. Up 15.7%.) Brilliantly run. Great cash churning company. Wouldn't buy during this market correction, but once it over there is probably $4/5 upside.

2006-09-21

WAIT

37.500

Buying back $200 million of its stock via a Dutch auction. Great under valued asset play. Have their cost structure under control. Paying down their debt and returning cash to shareholders. Wait for the auction to finish when there may be a bit of a dip.

2006-09-06

HOLD

36.850

Chyanne Fickes

They have a lot of cash and there is speculation that they will have a very big distribution. Earnings are lower this year than they where last year. Would prefer it in the lower $30’s.

2006-08-31

SELL

36.200

Chris Smith

Steel pricing continues to remain strong which indicates that either 1) things are going to continue to be good or 2) the market is saying things are going to start slowing down and steel will catch up on the downside. He would take some profits as it is probably up on speculation.

2006-08-28

DON'T BUY

36.890

Doing a share buyback. Not his top pick among the steel companies. This is a company that has gone through 2 or 3 resurrections. Expects the market for steel will be cooling off probably in 2007/2008.

2006-08-24

BUY

35.810

David Driscoll

Still prices continue to rise. There will be some Chinese dumping issues going on which will put a little bit of pressure on them. Right now they are generating free cash flow yield in the 9% range.

2006-07-26

BUY

36.950

Chyanne Fickes

Has gone up in the last 2 days because of their announcement of buying back stock starting in the next quarter. The price for their type of steel “high roll” is going up. Not a bad buy.

2006-07-04

BUY

33.690

John Zechner

Steel is starting to look a little bit better again. He is worried about the whole global economy. China is tightening money to help control growth. Steel could be a casualty, but for now, with all the corporate activity, prices are starting to move higher again.

2006-06-27

DON'T BUY

32.170

Robert Floyd

Has always been a tricky investment. Has gone bankrupt a couple of times. This time it has done very well. A cyclical so when it is doing extremely well, it is probably time to let it go.

2006-05-16

SELL

28.980

Robert Floyd

It's a bit rich. The numbers are weaker then they were in prior years. Imports are not here so the market is stable. They are generating good earnings for the short term, but concerned that they are getting later on in the cycle.

2006-02-27

HOLD

26.960

Moved up a little bit in the shadow of Dofasco (DFS-T). A US hedge fund has asked for a special meeting to get them to pay out their big wad of cash as a special dividend. Algoma is resisting but will probably pay out something.

2006-01-24

PAST TOP PICK

24.230

(A Top Pick Sept 12/05. Up 1%.) It now has a US hedge fund shareholder that's calling a vote here to pay a special dividend. Very cheap, but feels the upside is only to $27/28.

2005-11-21

DON'T BUY

23.100

Steel is not doing as well as it was. US Hedge fund wants them to pay out the excess money they made in the form of a special dividend. Doubtful if this will happen.

2005-10-31

BUY

20.650

Steel prices look like they're moving up a little bit in the 4th quarter and probably by the end of the year they'll be almost $10 in cash again. Thinks there's one last run in it just on valuation up to the mid to high $20's.

2005-10-12

DON'T BUY

20.890

Buying back shares and paying special dividends which is stupid as they will need that extra cash in the next down cycle of steel. A very cyclical business. Steel prices have weakened and if we have a recession in the US there will be a dampening of steel demand.

2005-10-06

TOP PICK

23.830

Gordon Higgins, CA, MBA, CFA

Paid a $6 special dividend last month which is why it is down. In the $22/23 range, you have about $11 a share in cash and it looks like steel prices are turning around a little bit. They could probably earn in the $3.50 range next year with current steel prices.Only trades at 3/4 X earnings if you ex the cash. Extremely cheap.

2005-09-12

SELL

21.000

David Cockfield

Not a fan of steel in general. The steel industry is going much more into a competitive phase. China is now a net exporter. Doesn't see the steel industry being good for the next several years.

2005-08-18

HOLD

29.700

Paying out a special dividend of $6. With high steel prices, has really cleaned up its balance sheet and has more than $6 a share in cash. Possible share buy-back next year. A cyclical company that rises and falls with steel prices. If you like, continue to hold or sell it and realize a capital gain.

2005-08-11

TOP PICK

29.700

A strange situation. Were for sale but have now taken themselves off the market and announced a $6 dividend. Hedge funds had been holding for a takeout and so sold off their holdings which dropped the price.

2005-08-11

BUY

28.650

Peter Gibson

Have a lot of cash on hand and is expected to pay a big dividend. Historically, stocks trade lower after special dividends. Likes the phenominal profit growth that he sees. Good speculative investment.

2005-08-05

DON'T BUY

28.540

Was a bust in 2001 and restructured and came out when steel prices took off and they played it very well. Has come down since March because the steel cycle is coming off at the margin. Still making lots of money. If you feel it might get taken out you could speculate on it. It is amongst the weaker players. Prefers Dofasco (DFS-T).

2005-06-08

VAGUE

27.300

The group including Gerdau Ameristeel (GNA-T), Algoma (AGA-T), Ipsco (IPS-T) and Dofasco (DFS-T) to a lesser extent has come off of its peak. Looks like steel prices have peaked for the cycle yet these stocks are extremely statistically cheap. Could be some activity like takeovers, as cash builds up. Find one that is cheap and could be taken over.

2005-05-16

BUY

34.600

Prefers this for the leveraged side of steel as opposed to Gerdau Ameristeel (GNA-T) in the hot rolled steel. To be safe, you could go to the fabricators, Harris (HSG-T) or Russel (RUS-T).

2005-03-24

WAIT

37.100

Steel stocks can be very volatile. His sector model on the steels has recently rolled over indicating some short term risks. Feels that the cycle and the pricing power of the steel producers remains intact. Wouldn't buy at this time.

2005-03-14

DON'T BUY

38.500

Paul Harris, CFA

Doesn't like the steel industry. Companies have been helped by the price of steel going up so high. Have to be careful and buy a good company that is run well and that is key in the steel industry. Feels that China has been building plants and that they will be an exporter of steel.

2005-02-25

PAST TOP PICK

28.900

(A Top Pick June 22/04. Up 174%.) Sold out a couple of months ago.

2005-02-02

DON'T BUY

27.050

John Zechner

Wouldn't buy steels right now. They've had a fantastic run, but it looks like the numbers in China are starting to slow down. In Ontario, regulations are coming off electricity prices and that will be a big cost for the steels. A stronger Cdn$ will also be a burden.

2005-01-31

DON'T BUY

27.000

Norman Levine

Valuations on steel stocks have gotten excessive.

2005-01-05

BUY

28.300

Has the most leverage and generates the most cash. Try to buy in the $28's.

2005-01-04

DON'T BUY

29.300

Peter Brieger

Favourite steel play at this time is Ipsco.

2004-12-31

BUY

29.050

Although the stock has tripled, it does not mean that all the good news is reflected in the price. China's slowing demand for steel is having a negative affect on steel producers. There will not be as much reduction in demand as many people think.

2004-12-30

BUY

27.880

Matt Baillie

A forgotten story for a long time. Now it's a hot stock and a hot story. Very profitable with no net debt. Feels the steel prices wil stay high. Very cheap.

2004-12-10

HOLD

28.600

This monstrous steel market is going to continue.

2004-12-07

HOLD

29.100

David Chapman

Major steel shortage problems around the world have pushed up the steel stocks. This stock is in a spike uptrend and is dangerous to buy at this time. If you own, use a stop/loss.

2004-12-03

BUY

28.950

Steel is cyclical. Has been a very consistant mover. Pricing of steel has stayed strong and capacity is tight. Relatively cheap compared to some of its competitors.

2004-11-17

PAST TOP PICK

26.990

(A Top Pick Aug 6/04. Up 92%.) Took some profit.

2004-11-15

DON'T BUY

22.000

Martin Hubbes, CFA

Avoid. The business seems to continually go back into bankruptcy.

2004-11-05

WEAK BUY

21.200

Mark Jackson, CFA

Low price/earnings ratio. A high cost producer, so in a high steel cycle it will make lots of money, but when the price of steel drops, it has losses. OK for short term.

2004-11-03

DON'T BUY

21.040

Steel prices have been stronger much longer than he expected. Feels its at a peak now.

2004-10-12

HOLD

23.100

Gordon Higgins, CA, MBA, CFA

Report of another stunningly good quarter is due Nov 2. Building up cash at a rapid rate. Will possibly pay out a special dividend. May want to take some cash off the table.

2004-10-05

BUY

21.900

Trading around 3/4 X earnings. Highly levered to the price of steel. Has had a tremendous run. Prefers a larger cap stock such as Ipsco which also has the prospects of the large diameter pipe. As long as steel prices stay up, it is very attractive.

2004-09-30

SELL

19.650

The amazing bull steel market may run out of steam. Be cautious. May want to sell profit.

2004-09-22

WEAK BUY

16.750

Should do OK. Prefers Dofasco. Don't put a lot of money into it.

2004-09-09

DON'T BUY

13.470

Rob Callander

Company has had phenomenal earnings. Steel prices have been at record levels. All the easy money has been made.

2004-08-16

TOP PICK

13.070

New management. Lagging other steel companies. Reported record numbers. Net debt free. They are going to cash flow over $10 a share.

2004-08-06

WEAK BUY

13.510

Is still sector has been one of the strongest sectors. Would prefer Dofasco and Ipsco. Doesn't feel steel prices are sustainable but the pressure could continue for a while.

2004-08-03

BUY

11.200

Likes the steel industry but this stock is not very actively traded. Easier for the individual investor to own.

2004-07-20

STRONG BUY

10.960

Q: "Should I switch from Inco to Algoma?" A: "Likes both stocks." Likes the metals at this time. This one could have been a "Top Pick".

2004-07-05

BUY

10.850

John Zechner

Expect they will have the next 3/4 quarters with exceptionally good earnings. Beyond that, there is some risk.

2004-06-23

WEAK BUY

10.850

John Weatherall

At the moment, the price of steel is short so profits are very good. Long-term, they will have a difficult time.

2004-06-23

TOP PICK

10.400

With the demand of steel in China, there is no flooding of the market in North America. The market has not grasped this yet. Feels that steel prices will stay strong. Second-quarter will be spectacular and would sell it at that time.

2004-06-22

WEAK BUY

9.750

Should continue to ride with steel stocks

2004-06-16

BUY

8.750

Likes this story. A cash machine at current steel prices. At current spot steel prices, they will earn almost $4 and cash flow $6. Will be net debt free by year end.

2004-06-03

PAST TOP PICK

8.760

(A top pick Apr 1/04. Down 7%.) Still likes. Doing all the right things. Will be net debt free by the end of the year. A cash flow machine right now.

2004-05-18

DON'T BUY

9.800

Michael Sprung

Has had its share of troubles over the years. Outlook is rather mixed. Would prefer Dofasco.

2004-05-05

TOP PICK

9.700

Just reported record earnings of $1.18 and record cash flows of $1.79 and stated that the second quarter will be higher. Doesn't see any big decline in steel prices.

2004-04-29

BUY

9.850

Brian Acker, CA

In a great space. Has to break out at the $9.50 level. Is going to do an equity issue, which is smart. Book value is around $16.

2004-04-16

DON'T BUY

9.000

Prefers Dofasco. You have to go for the high quality company in this industry. Fully priced and more speculative than Dofasco.

2004-04-13

DON'T BUY

9.000

Mark Jackson, CFA

High-risk situation. In terms of steel producers. Highly speculative. Prefers others.

2004-04-13

TOP PICK

9.500

Steel stocks have not fully reflected at all what is happening in steels. Turnaround story.

2004-04-01

DON'T BUY

8.800

Would prefer others, especially Dofasco.

2004-02-17

BUY

8.750

Norman Levine

The most leveraged way to play steel in Canada. If your a speculator, its a good choice.

2004-02-11

TOP PICK

8.740

Fixed all their problems. Steel prices are getting higher. 5x earnings, and less than 2x cash flow. Upside.

2004-02-10

DON'T BUY

7.820

Brian Acker, CA

Book value is around $15. Stock price could go higher, but if Stelco goes bankrupt, are they going to dump some of their steel, will the government have to step in, etc.? Cut back your holdings and watch.

2004-01-30

BUY

6.210

Steel prices are increasing. A very interesting sector.

2003-12-16

BUY

3.700

Cheap stock. Rising steel prices. Massive leverage. Concerns on relining blast furnace and debt situations have been put on hold. Should be smooth sailing going forward.

2003-09-12

DON'T BUY

2.960

Peter Arender, CFA

Expected to lose money in the next 2 quarters. Not a well run steel company.

2003-09-03

DON'T BUY

3.120

Mark Jackson, CFA

Steels give an opportunity to participate in economic growth.Shipping costs are expensive compared to other companies.Have a cost issue going forward re labor costs.

2003-08-20

WEAK BUY

2.360