Recent volatility in raw material prices, however, makes first quarter forecasting difficult.

Recent movements in long-leading economic indicators and in raw material prices offer hope that an end to the spreading global downturn is in sight, ... Despite that, we continue to take actions necessary to emerge from these difficult times as a much stronger company.

If raw materials pick up again, of course we have to go back to product prices. But if raw material prices are stable we will not go through to our customer.

Hope is the raw material of losers.

Business conditions in the first half have been some of the most difficult that we have experienced in recent years,

After two years in the red, we had a substantial turn between '04 and '05, and the first quarter of '06 is similarly positive. We are very encouraged about the long term.