Ronald M. DeFeo: We have some agreements that we are seeing no increases in steel to speak of because we have commitments from those suppliers. But those contracts run off in the third quarter. We are not sure whether or not we are going to have 5% increases or 20% increases from some of our steel and we think there is some marketing that is taking place on the part of steel that would have them argue for greater increases and simultaneously we are going to argue for substantially lower increases because we are combining our purchasing power at this stage. We are in a supply battle where on one extreme you might say there is $100 million of risk and on another extreme we can mitigate virtually all of that both through pricing and through some purchasing leverage.

Terry Darling (Goldman Sachs): Can you help us understand the timing of when you will be in a better position to know about that second half steel cost profile?

Tom Riordan: We need to be cautious about announcing any strong intent because, one, we have had a widely varying situation with our products and geographies and secondly, we also got a widely varying sensitivity on the part of differing end markets relative to pricing receptiveness. The steel companies themselves continue to foster and change their position somewhat in real-time as we speak and the story likely will come out over the next 90 days or so.

Andrew Casey (Wachovia Securities): Are you including the expected raw material pricing in the increased revenue guidance?

Ronald M. DeFeo: It was not pricing that caused us to improve our revenue guidance.

Andrew Casey (Wachovia Securities): On the normal 50/50 first half to second half seasonal earnings mix, do you expect that within this guidance to shift more heavily to the first half?

Ronald M. DeFeo: No.

Andrew Casey (Wachovia Securities): Do you expect the UK AWP customer consolidation issue to persist through this year or is it just contained in the first half?

Tim Ford: We think that the consolidation has a first-half affect. We believe that customers, once they get a sense for what their situation is, will begin to release some orders for second half.

Jamie Cook (Credit Suisse Securities): You said North America was up mid-single digit. When you had originally given guidance you talked more about a flat market. Could you comment on that?

Tim Ford: Our North American market has remained more buoyant than we thought it would in the fourth quarter. The customer base in the U.S. continues to perform well. We have had some market share gains that have been favorable for us, and all of our customers have not put orders in for the year. We are in a good position for the remainder of the year in North America. North America will be a decent story for us this year.

Jamie Cook (Credit Suisse Securities): On the Construction business, but within Western European the macro environment has deteriorated, which is a big part of the Aerial Work Platform business. How are you looking at those markets and how big is the developing markets at this point?

Ronald M. DeFeo: Aerial Work Platform profitability was up over last year, but as a percentage of our profit meaningfully down and that is due to the improving profit performance of our Crane business and our Materials Processing & Mining business which we have been saying for several years. The other thing that we have said for some time is the diversification of our revenue base outside of traditional markets and that continues. If you examine our business, while the Western European markets, particularly markets like the United Kingdom, Spain, some of the Southern European markets have shown a weakness not just in Aerial Work Platform business but also our Construction Product businesses, that is more than offset, in most of our businesses at least, by the strength in the Eastern European markets and the oil booming regions of the Middle East and in fact some beginning significant improvements in our revenue in Russia. We are seeing a move east and south from our European factories, that is being reflected both in our Aerial Work Platform business and to a degree in our Construction business. The Crane business remains solid across that range, and the Mining and Materials Processing business remains solid across those ranges.

Jamie Cook (Credit Suisse Securities): You only report backlog through the end of the year. Do you have orders that would go into 2009 and how would that compare to last year?

Ronald M. DeFeo: We do report 12 months. Our backlog for 12 months is as reported; there is a small amount beyond that that we have that is not reported.

Jamie Cook (Credit Suisse Securities): If you were to compare this year versus last year would a lot more go beyond the 12 months?

Ronald M. DeFeo: It is steady state like it was a year ago.

Alexander Blanton (Ingalls & Snyder): On the customer consolidation, you said within the UK in the AWP business those were rental fleets. Could you give details on what exactly that was?

Ronald M. DeFeo: Our market in the UK has really seen a consolidation in the last 90 to 120 days where 2 or 3 companies have being merged together. The acquiring company is evaluating the fleet overall and is assessing what their needs are going to be as they go forward.

Tim Ford: In the short-term it causes orders to be cancelled as fleets get rationalized. I would rather have that happen than for us to continue to push inventory into the marketplace that is later going to be rationalized with a more disruptive downturn. What we are seeing is a much more thoughtful and analytical approach to fleets, to mergers, to combinations than I have seen historically. We are seeing companies that do not go up to the edge and follow. We see companies that look at the marketplace and say the market is changing, therefore we are going to change and we are going to make our company stronger.