With the strong increase of shale oil and gas production, there has been a slight shift in the construction practices. With fewer miles of pipe being laid, however, there are a greater number of projects which tend to be shorter run of smaller diameter pipe. Most of the shale pipelines are being welded with traditional technologies, such as engine drives and stick electrodes in the U.S., which plays to one of our many strengths. There are also still a great number of global mega projects on the horizon, with most lines intended for long distance transmission of natural gas. With the new abundance of natural gas, which accounts for 75% of the planned U.S. projects, the prospects for the U.S. exporting LNG, there is a movement to lobby for new LNG export terminals and converting existing terminals from input to export capabilities here in the U.S. In the pipe mill segment, demand in the Middle East remains very strong and we are pursuing those opportunities and winning important new business opportunities.

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