(A Top Pick Sept 30/04. Down 3%.) Spinning out the rolling mill side. $6 billion in sales which will clear $2.8 billion of debt. This company is as big as Alcoa, yet trades at a multiple point discount.

It is a little more volatile than some of the other banks. Dividends have been increased by $0.05 a share indicates better earnings going forward. Loan loss provisions are greater than all the possible loan losses. This gives a hidden positive factor.

Would stay away from this one. When you don't know what management is and prices going against you, you're better to step back and find out what's really there.

Banks are trading at about 60% of the same price earnings multiple of the market, so not a problem. Not a bad place to be for long term stability.

The problem is that they have a $30 price increase in the price of newsprint which takes a moving it from $600 to $630. This is priced in US$, so are actually receiving less in Cdn$'s than they were a year ago. Good fundamentals, but has a little more debt than he would normally like.

Very thinly traded. Like the other banks, it's cheap, a good multiple point cheaper, but doesn't have the same growth profile and diversification. Probably not a takeover candidate. Prefers the bigger banks.

Financially stretched. Management is making great strides in turning it around. Trading at about 15 X 2 years out earnings. Would rather buy it higher up, knowing that things have turned.