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To: Mark Adams who wrote (62239)	1/26/2001 7:56:49 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 436258

there are various development stage PGM projects in SA, but Rustenburg (now Amplats) and Impala, as well as Lonrho's Eastern and Western Platinum are the only mines in Africa that can produce PGMs in SIZE. they have in fact begun to expand, and supply from this source is expected to increase markedly in 2002 (so sometime this year, Pd/Pt may become a good short for those with steel cojones). tantalum is a typical supply problem child. even though handset sales growth rates have declined markedly, they're still positive, so not much of a let-up from the demand side. i'm eyeing steel too. certainly BS looks cheap here, purely on an asset value basis. the big question for US steel producers is of course survival in the near term. perhaps one should buy a few different ones, spreading the risk. why buy now? because the news is so uniformly bleak. even a small ray of sunshine will likely move the stocks. BS has recently instituted a buyback plan (with the stock at a multi decade low instead of a high, which means the buyback may actually make sense) and the stock has made a nice move off the low. re. refineries, what has been discussed here is that their margins look very good, and have for quite some time. the market however has given them little credit for that, so that makes them interesting.