Our relationship is stronger and more consistent than ever because of our unwavering focus on our business approach. We also place a great deal of emphasis on listening to our distributors. We have a distributor council that meets regularly, and we visit our distributor locations throughout the year to learn their concerns. Although consolidation has placed pressure on our basic strategy, we still seek to maintain a smaller base than most other major suppliers. We believe in a focused approach to the channel and mutual commitment. During the peak of the Internet bubble, there was a lot of talk of "dis-intermediation," meaning the elimination of tiers of distribution. We did witness the empowerment of end users in terms of information access, and more price and product choices. However, in the physical world, there is still a premium on people who can effectively move product and deliver first-hand expertise. That's even more true today as North American fabricators face increased offshore competition and mounting cost pressures. Distributors must respond with greater capabilities to improve their customers' total operations.
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