Largest producer in Canada, 75% market share, #3 in US with 15% share (top 3 control 90%) 20 plants in Canada and US. Trading at 3.8x normalized FCF, 2.7x FCF excluding non-core assets being actively monetized.

Trades at 69% of understated book value. Why cheap? 1. US operations (2/3 of revenue) mired in severe cyclical downturn 2. Recent acquisitions during industry slump haven't paid off yet. 3. Multiple non-core investments Run and 16% owned by Dutil family.

From 2008 to 2011, made $200M of acquisitions. 2 US steel fabs. $263M in debt, only 27% subject to covenants, has $527M of net WC, land and buildings at cost. Owns all of its plants and real estate, 2097000 sq ft, average year acquired 1989. Valuation: average EBITDA last cycle $63M, adjusts to get to $56M FF, $1.32/share, or 3.8x P/FCF. (He admits that the numbers he used as "normalized" were during the boom years, but says it's justified because they've bought more fabs since then.)