We expect Alcoa to kick off a relatively strong fourth quarter 2005 earnings season for the metals and mining sector.

For years, that's been the big impediment to buying AK Steel.

We believe the upside to results is clearly reflected in the current valuation, suggesting minimal upside to the current stock price.

They've got $3.6 billion in pension and healthcare liabilities. The deal would make sense from a strategic point of view, but there are a lot of issues that would need to be addressed. It would attract pretty thorough scrutiny from the government.