Natural Resources >> Sector Roundtables >> July 24, 2000
WALDO T. BEST is a Vice President at Morgan Stanley Dean Witter covering
the steel industry. Prior to joining the firm, he was a Senior Economist
at Dean Witter Reynolds and a Money Market Economist at Barclays De
Zoete Wedd Securities. Before coming to Wall Street, Mr. Best was a
Manufacturing Engineer at Lukens Steel. In addition to earning a BA in
Mechanical Engineering from the Massachusetts Institute of Technology
and an MBA in Finance from the NYU Stern School of Business, he
completed graduate studies in Materials Engineering at Drexel
University. Mr. Best currently serves as President of the New York Steel
Analyst's Society and as Team Leader for MSDW's Global Steel Research
team. Profile
MICHELLE APPLEBAUM is a Managing Director at Salomon Smith Barney. A
Past President of the Steel Analysts Group, she holds a BS from
Northwestern University and an MBA from Kellogg University. Profile
MICHAEL F. GAMBARDELLA is a Managing Director, Equity Research, at J.P.
Morgan. He joined Morgan as a Credit Research Analyst and later worked
in private banking. He has also served as the Steel Analyst in Morgan's
Financial Advisory Department, monitored and evaluated steel and steel-
related industries; advised clients and senior Morgan management on
implications of short-and long-term industry trends. Mr. Gambardella
joined the Equity Research effort and has played a key role in Morgan's
steel equity offerings, and is the Head of Morgan's global steel equity
research team. He initiated coverage of the aluminum sector in 2000. He
is the only equity analyst to be ranked by investors in the US, Latin
America and Europe. Mr. Gambardella holds a BBA in Finance from Baruch
College, City University of New York, and an MBA from the Stern School
of Business, New York University. Profile
DAVID S. MACGREGOR is a Founding Partner of Midwest Research and has
been a Managing Partner since the firm's inception in February 1996. He
is also a Senior Research Analyst covering the U.S. Steel and Metals
Industry. Previously, Mr. MacGregor was associated with Roulston & Co.
and Banque Indosuez, a French merchant bank in New York. He was also
associated with Drexel Burnham Lambert and Nesbitt Thompson Deacon. A
Chartered Financial Analyst, Mr. MacGregor received his Bachelor's
degree in Commerce from McGill University and his MBA from Columbia
University. He also attended New York University in various Continuing
Education courses. Profile
TWST: Waldo, will you begin by reviewing the performance of the steelstocks in the second half of 1999 and the first half of 2000?
Mr. Best: I would say that the stocks have been basically