do you think it’s the dramatic increase in raw material prices we are seeing (steel esp) which the market might see as negative to margins?
I don’t think so. My understanding is that each new exposure to aluminium prices is hedged at the time when the corresponding shipbuilding contract is awarded. For multi-year programmes, such as the LCS, I presume the hedging occurs at or around the time when each milestone payment is agreed.
With regard to steel prices, while the Company is planning to build a steel shipbuilding facility in Mobile in the near future, I believe the exposure is currently negligible.
Cheers
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