IPSCO Inc

IPS-T

(A Top Pick Aug 24/06. Up 63%%.) Chose it because it was a takeout candidate, which happened.

Close to being taken over.

Is in the process of being taken over. Doesn't expect any competing offers.It will stay at it's current level, subject to the difference in the Canadian US dollar.

Takeover target by Sweden's SSAB who want to sell their tube unit. An interesting strategy. A well-run company. On valuation, you are at the top of the cycle for takeout prices. If you own, wait for the final bit.

Takeover for $180. Will probably take some time to get the deal completed

Has gone up because of a rampant consolidation in the materials sector, specifically steel and metals. Big dividend yield. Have some really good businesses.

Pipe side is okay, but he worries about steel prices. Fairly fully valued.

The steel group has continued to perform very well. Pricing has been firm and the demand is very strong.

It’s in the steel business which has its ups and downs and also their major end market is the oil services, where drilling has been cut back. A great company and has had a huge run.

Has had a pretty good run since October. What’s moving the steel sector is the prospect that private equity might get involved with some of the cheap companies, or that they might buy each other.

If you like the oil industry and you think there’s going to be more pipeline, then you should be looking at this. Looks cheap with a 7.5 P/E. Some analysts are predicting lower earnings next year and the stock has run up in the last few months, so hold off in the short term.

With the take over of steel companies in the international arena, this is fairly attractive. Also have a clear possibility of 1 or 2 pipelines.

A very well run company. Service a lot of different markets, tubular, plate, etc. Looking to make another acquisition. Expects the 4th quarter will be a little bit problematic.

Manufacturer of tubular products. Would not be involved in any consolidation. Could be a possible takeover.

A little concerned about the steel market based on his overall economic view. However, this company has raised guidance again. They are in the right spot with tubular pipe, etc. Looks like one of the better stories.