As usual I'll also begin with some of our commentary and highlights, Phil will follow with a more detailed financial report including some analysis of the improved performance achieved during the quarter as well as a few schedules that will help explain certain expenses in the period. Lastly, I'll review our outlook for 2012 including details on individual segment performance expectations as well as some insight into our overall thinking and our focus and strategy for the year. Following that as usual we'll open it up to your questions, we expect to enforce to one question and follow up a little. For this call we prepared a presentation to guide you through our commentary that is available to download from our website.
Let me begin by referring to the forward-looking statement commentary on Page 2, I encourage you to read and review this, as well as all of our other disclosures available in our public documents.
Let me begin by turning to Page 3. An overview perspective, we just completed our rather significant year in Terex's development. A year of both investment and improvement, investment in the high quality business of Demag Cranes now our material handling and port solution segment. This adds a first class business to our portfolio, improvements and real progress was made as we streamlined operations, reduced the manufacturing footprint and started generating meaning cash from earnings and working capital.
The cost structure realignment is expected to improve profitability going forward, most notably within the cranes and construction segments. We've taken pricing actions to recapture margin loss in 2011 due to material cost pressures and to offset anticipated cost actions in 2012, most notably in Aerial Work Platforms and construction. The economic recovery is taking hold in many of our major markets with most markets healthier than a year ago. We do have some reservations about Europe, but the recovery in North America seemed solid.