An important issue not mentioned in this thread but mentioned by Kelcy in the last CC is the substantial reduction in capital costs for the newly announce pipeline projects where materials had not yet been ordered or contracts let. The actual costs of completion will be far less that the costs in their budgeted projections. What available capital they do have will go much farther than the last several years.
Steel prices are plunging along with everything else. And strangely enough, the only steel producers with cash are the Japanese suppliers. At a recent auction of some Brazilian iron ore reserves the only buyers left were Japanese. Everyone else was short of Cash!