buy back will add 5% to intrinsic value, page-19

re: just one seller Manganese (Mn) is essential to iron and steel production by virtue of its sulfur-fixing, deoxidizing, and alloying properties. Steelmaking, including its ironmaking component, accounts for most domestic manganese demand, presently in the range of 85% to 90% of the total. Manganese ferroalloys, consisting of various grades of ferromanganese and silicomanganese, are used to provide most of this key ingredient to steelmaking. Products for construction, machinery, and transportation are leading end uses of manganese. Manganese also is a key component of certain widely used aluminum alloys and, in oxide form, dry cell batteries. As ore, additional quantities of manganese are used for such nonmetallurgical purposes as plant fertilizers, animal feed, and colorants for brick.