October 22, 2008

Dear Friend,

We have updated our Allegheny Technologies,  which enjoys 2009 benefits of higher silicon electrical steel prices and megaprojects like BHP Billiton's $3.5 billion desalination plant announcement. and cost reductions.  Its diverse mix of six specialized product lines affords the greatest "safety" among our areas of coverage.  We reaffirm our Overweight rating with a $72 price target based on $5.00-$5.50 conservatively estimated long-term earnings.

We have updated our forecasts for Overweight rated Barrick Gold as well.

We endeavor to write briefer reports in the current economic crisis period as numbers change radically very quickly, and both you and we have much data to digest quickly.

Faithfully,

John C. Tumazos

Copyright © 2008 John Tumazos Very Independent Research, LLC
Send mail to joe@veryindependentresearch.com with questions or comments about this web site.
Last modified: 05/17/12