At these spot AL prices, AWC are actually improving margins....

At these spot AL prices, AWC are actually improving margins. Very strong balance sheet and cash reserves. This at a time when half the alumina refineries in the world are running losses. If the spot price drops this will just hasten the shake-out of unprofitable competitors and improve AWC's position when the spot alumina price comes off its cyclical lows, which it will - because it's cyclical, right? Will buy more on any significant SP weakness.