alcoa must be stupid if they dont bid now, page-31

Hi Border,

AWC has an intrinsic value of well over $3.00 according to some research reports that I have browsed through recently.

Not that I am suggesting it will ever get there in these irrational times. Nonetheless, as the world's lowest cost aluminium producer and with gearing at 14%, the company is in a very very strong financial and competitive position. We are seeing poor market conditions and price weakness for commodity metals.