We know employees value the company match, and it's been a mainstay of our program, but we needed to look at all ways to lower costs.

We're looking at a consolidation with U.S. Steel as leader, with four or five different steel companies involved.

Homer Labs was regarded as the finest steelmaking research and development facility in terms of caliber of people and equipment in the entire North American steel industry.

It has had an impact on us, but we haven't had any layoffs. We have reduced our volumes, prices have fallen and we are pursuing a variety of (trade) actions at the highest levels of the administration.

We believe we have an excellent benefits package for our union employees that reflects the value we place on their many contributions to the university. These include dental, life insurance, and pension benefits and a range of health plan options. One of those plans fully covers the employee's health insurance premium, a benefit few employers provide these days.

The tender offer tells me a lot of ups employees are incredibly loyal, that they believe in the company long-term. But I think there could be some selling of shares and until that overhang is taken up through higher demand, it will put pressure on the stock.