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Gary Ittner Executive Vice President – Supply Chain McJunkin Red Man Corporation

Steel Materials Forum. Gary Ittner Executive Vice President – Supply Chain McJunkin Red Man Corporation. Prices for oil and natural gas spiked last year…. As prices rose, demand increased. Source: Energy Information Agency. And though prices for some product groups followed.

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Gary Ittner Executive Vice President – Supply Chain McJunkin Red Man Corporation

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  1. Steel Materials Forum Gary IttnerExecutive Vice President – Supply Chain McJunkin Red Man Corporation

  2. Prices for oil and natural gas spiked last year… As prices rose, demand increased Source: Energy Information Agency

  3. And though prices for some product groups followed Raw material comprises high percentage of production costs Source: Market and MRC proprietary data; MRC internal analysis

  4. Others rose only modestly Raw material comprises high percentage of production costs Raw material comprises low percentage of production costs Source: Market and MRC proprietary data; MRC internal analysis

  5. Conclusions • Pricing for piping trends seem to follow energy curve • Oil and gas prices drive OCTG demand • Standard and line pipe tend to follow OCTG • Other products tend to follow • PVF has not fully retraced the reduction in energy pricing • Influence of ongoing market dynamics is X-factor • Impact of excess for selected items • Tightly managed production output • Anti-dumping and countervailing duties • Limited number of manufactures for certain product types

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