Our trade from the industry is sort of NAFTA-focused. We tend to be very close to market. In our process innovations, continual improvement of efficiency is a crucial component. Frankly, our customers are demanding better product. The automotive industry wants lighter steel for higher efficiency vehicles. The oil and gas industry wants further exploration for more efficient well casings, that kind of thing. A lot of it is customer driven through the demand cycle. The point about the number of new steels is very fair. The chemical composition is constantly changing: lighter, higher strength, more efficient to produce, and easier to ship.
On May 17th, 2016. See this statement in context.