22nd Stainless & Its Alloys Conference

Conference Registration and Exhibits Open

Nickel Hedging Workshop by MF Global

Two seasoned LME brokers with daily participation in the LME nickel futures market and regular dialogue with corporate hedge managers will lead a two-hour interactive seminar that will explore commodity price risk and practical hedging solutions that reduce the threat to margins posed by changes in nickel costs.

After familiarizing participants with hedge fundamentals and basic terminology, the seminar leaders will introduce classic hedge scenarios and the strategies that best mitigate unwanted price risk. In addition, attendees will gain an understanding of the thorny factors that often complicate hedge decision-making such as basis risk, forward price structure, and cash flow consequences. The seminar will wrap up with an opportunity for participants to demonstrate their hedging competency with some problem-solving case studies.

Welcome Cocktail Reception

Registration and Continental Breakfast

Opening Remarks

Session I: Stainless Supply Outlook

This session will bring the domestic and international stainless markets into view. Speakers will provide global supply forecasts in addition to speaking about the challenges and opportunities for stainless steel producers in the U.S. and beyond. Also of utmost importance is the import impact in the domestic market and what new developments are on the horizon. Discussion about the uncertainty of the U.S. economy and its impact on the market will also be discussed.

Topics Include:

- Overcapacity in Asia: update on expansion projects and cost competitiveness compared to European mills

- A look at trade barriers, protectionism and free trade

- De-consolidation across the pond

- Service center and producer outlook on the market

Coffee Break

Session II: Alloys and Raw Materials - What’s Next?

This session will look into the current volatile and uncertain raw materials environment that is impacting the stainless steel market. Speakers will tackle issues about the outlook for nickel prices after a stratospheric push to $50,000/T in 2007, in addition to whether the molybdenum market is facing a shortage as supply is set to outpace demand. Also with chrome prices on the rise, this session will focus on price fluctuations and will give a snapshot of the supply/demand picture for stainless steel scrap

Topics Include:

- Outlook for nickel prices for 2008 and beyond

- Long-term supply and demand outlook for molybdenum and

- Stainless Steel Scrap flow and substitution issues

- Update and outlook on consolidation trends in the industry

Luncheon - View From a Stainless Steel Market Veteran

A talk about past, present and future stainless steel trends with a glimpse into the transition of Universal’s business.

Session III: Demand – View From End-Markets

This session will focus on the outlook for demand from the largest end-user markets. International manufacturers of specialty tubing in the carbon steel, alloy steel, stainless steel and nickel alloy markets will give their perspective on the market. Attendees will also hear the architectural demand view of the marketplace and get an overview of other sectors driving this market.

Topics Include:

- A look at growing areas of demand like aerospace, power generation and energy

- Update and outlook for nickel-bearing grades of stainless

- A look at demand from energy and chemical markets

Coffee Break

Session IV: Advances in Metallurgical Technology

Rounding out the conference is a look at technology in the stainless steel market and what is next for this sector. Speakers will discuss "Going Green" and how technological advances are moving more in that direction.

Topics Include:

- Recent advances in stainless production and outlook for stainless alloys

- A look at substitutions and projected outlook for demand

- Analysis of new stainless steel products

Conference Close