And last, but not least, I think this is an important point to recognize, which is that, we are a company which is not driven if you will by raw material commodity prices. We are in essence a converter of materials. And with that we don't have a high correlation of our profitability to the underlying raw materials.So there are others that are vertically integrated and when titanium, they are very price, they will be very profitable and when titanium is low, they will suffer, or nickel, but that's not our case. We have very effective surcharge mechanisms. We have very differentiated products with long-term agreements. So our profitability is not fundamentally correlated with nickel prices, or titanium prices.
Carpenter Technology's CEO Hosts Investor & Analyst Conference Call (Transcript)
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