It may not be as bad as it initially looks. I would suspect that someone will ask Pat Hassey about it during the CC. Let�s see how he answers it. It is definitely the most important issue to be concerned about as a weakness in titanium prices mark the beginning of the end. However, it is possible that it is a temporary demand glitch possibly caused by buyers timing their buys in anticipation of lower prices. But it is definitely, in my mind, the most important piece of information that was given in this report and it should be a concern. With titanium prices being about 3 times their historical norms due to a shortage of titanium which allows titanium companies to obtain unsustainably high margins, the possibility of titanium weakness and the havoc it can play on future quarter earnings should be the ATI investor's biggest concern. Whether this weakness is the canary in the mine of just a glitch is yet to be determined. If I owned ATI I think I would consider hedging my position.