We expect a gradual reduction in the quantity of steel sold to ArcelorMittal, given that the renewal of umbrellaagreement between ArcelorMittal and Cliffs seems unlikely, and also as ArcelorMittal focuses on expanding its iron-ore production capacity globally.
Interestingly, while staff from the Commerce Department have been involved extensively in the construction of the American Trade Consortium umbrellaagreement, the U.S. national security community has been totally excluded from its review -- despite the obvious potential implications for U.S. foreign and defense interests that might arise from such an undertaking.