Thank you, Mr. Chair.
Mr. Watkins and Mr. Sampson, thank you for appearing here and being so concise in setting out the views of your industry.
I have a couple of questions that are really overarching concerns. You talked about issues of capacity and what may lie in wait for the industry down the road. To be sure, there have been a number of changes in the industry itself, both in terms of the players and production, what they're producing, and of course valuation in your industry, in which, fortunately for all of us, we're happy to see there has been an appreciation in value of product.
I'm interested in getting your comments in some strategic areas. Within the steel industry, though, it seems to me that we've seen an exit from the market. For instance, Canadians are no longer producing stainless steel. I'd be hard pressed to find a single production, I realize, at the primary level, the base level of producing steel. This tends to be a bit more of a refined section, but it seems to me to be surprising in a nation that has both an abundance of ability....
The last stainless steel company, I believe, was taken over. It was bought out. Now, of course, we're seeing the price of stainless steel going through the roof.
We're also noticing the wider impact this has on other forms of manufacturing. The committee may very well be in touch with one of the many stainless steel aftermarket producers, and they are complaining about the fact that because there is no presence in Canada, that they are subject to the whims of an international market and often Canada is sort of an afterthought with respect to consumption. I'd like to get a little comment on that.
I'm interested as well in the change in the industry itself. Has there been a concern with respect to the change in the ownership of many of the companies? I know we're past the point of Minmetals, but I'm thinking, for instance, of Arcelor's takeover of one of our steel industries in Hamilton.
Perhaps, finally, I'd like just a comment as to whether or not—and I say so without reference to being tongue-in-cheek—the October 31 announcements on income trusts will have a negative or a neutral impact on your industry as a whole.