The Steel Business Can Go Up and Down

The company had 900 million of extra cash on the balance sheet. They knew that their earnings for the next two years were going to be 650 million each year. But after two years there was no visibility into earnings and we know the steel business can go up and down. So this was a situation where it's a highly cyclical business. It's a highly uncertain business. The risk for this business was very low, so it is what I call very low risk and very high uncertainty.