We certainly hate to report that ourforecast for total shipments, while notcompletely final, appears to be indeed true.This will rank 2015 near the bottom of all timeshipping levels for these products. We havea hard time believing that the economy isdoing well enough or is resilient enough toweather the decline in economic activity inthe energy sector due to low oil prices. Weread these rosy reports and believe themeven less with each passing day. Given theenvironmental summits, the cancellation ofthe Keystone XL due to environmentalreasons, etc, we can’t understand why theEPA coal emissions regulations weredelayed. Implementation would have led tomore activity in this sector in 2016.
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