April 15, 2011

Issuer Ranking:

U.S. And Canadian Metals And Mining Companies, Strongest To Weakest

Primary Credit Analyst: Marie Shmaruk, New York (1) 212-438-7816; marie_shmaruk@standardandpoors.com

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Issuer Ranking:

U.S. And Canadian Metals And Mining Companies, Strongest To Weakest

The credit outlook for the U.S. and Canadian metals and mining sector is stable to slightly positive, based on Standard & Poor's Ratings Services' base-case 2011 and 2012 projections. Our forecast reflects a gradual recovery in the U.S. economy and limited threat of an influx of low-cost imports because of the weak U.S. dollar. Higher raw material and energy costs and supply chain disruptions resulting from the Japanese disasters could slow improvements. However, we believe ratings for most companies in the sector can withstand a temporary slowdown in the economic recovery. Moreover, liquidity for the majority of companies is adequate to strong following the U.S. recession, and debt maturities are mostly manageable. The following list ranks all the rated companies in this industry from strongest to weakest based on rating and outlook. Companies with the same rating and outlook are further ranked by our opinion of credit quality based primarily on business risks for investment-grade companies and primarily on financial risks for speculative-grade companies. Ratings are displayed as long-term rating/outlook or CreditWatch/short-term rating. A double dash (--) indicates no rating. Issuer credit ratings are identical for local and foreign currency unless noted with the "LC" and "FC" designations. For the related industry economic and ratings outlook, please see "The Credit Trend For U.S. And Canadian Metals And Mining Companies Is Slightly Positive" published on April 12, 2011. Issuer Ranking: U.S. And Canadian Metals And Mining*
Company Nucor Corp. Barrick Gold Corp. Newmont Mining Corp. Goldcorp Inc. Cameco Corp. Teck Resources Ltd. Carpenter Technology Corp. Worthington Industries Inc. Allegheny Technologies Inc. Alcoa Inc. Reliance Steel & Aluminum Co. Cliffs Natural Resources Inc. Commercial Metals Co. Peabody Energy Corp. Steel Dynamics Inc. GrafTech International Ltd. Russel Metals Inc. Corporate credit rating Business risk Financial risk A/Stable/A-1 Strong Modest A-/Stable/A-2 BBB+/Stable/-BBB+/Stable/-BBB+/Stable/A-2 BBB/Stable/-BBB/Stable/-BBB/Stable/-BBB-/Stable/-BBB-/Stable/A-3 BBB-/Stable/-BBB-/Stable/-BBB-/Negative/A-3 BB+/Stable/-BB+/Stable/-BB+/Stable/-BB+/Stable/-Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Satisfactory Fair Satisfactory Satisfactory Satisfactory Fair Fair Modest Modest Modest Modest Intermediate Intermediate Intermediate Intermediate Intermediate Significant Intermediate Intermediate Intermediate Significant Significant Intermediate Intermediate

Freeport-McMoRan Copper & Gold Inc. BBB-/Stable/--

Standard & Poors | RatingsDirect on the Global Credit Portal | April 15, 2011

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Issuer Ranking: U.S. And Canadian Metals And Mining Companies, Strongest To Weakest

Issuer Ranking: U.S. And Canadian Metals And Mining* (cont.)

Compass Minerals International Inc. United States Steel Corp. Consol Energy Inc. AK Steel Holding Corp. Alpha Natural Resources Inc. Oxbow Carbon LLC Walter Energy Inc. Arch Coal Inc. Cloud Peak Energy Resources LLC Fairmount Minerals, Ltd. General Cable Corp. Boart Longyear Limited Drummond Co. Inc. Massey Energy Co. Novelis Inc. Thompson Creek Metals Co. Tube City IMS Corp. WireCo WorldGroup U.S. Silica Co. Coleman Cable Inc. Atkore International Inc. Aleris International Inc. International Coal Group LLC Patriot Coal Corp Noranda Aluminum Holding Corp. JMC Steel Group Inc. International Wire Group Inc. Metals USA Holdings Corp. Stillwater Mining Co. James River Coal Co. Murray Energy Corp. Global Brass and Copper Inc. Bourland & Leverich Supply Co. LLC Century Aluminum Co. McJunkin Red Man Corp. Foresight Energy LLC Edgen Murray II LP Continental Alloys & Services Inc. Ryerson Holding Corp. AmerCable Inc. Essar Steel Algoma Inc. Westmoreland Coal Co. USEC Inc. BB+/Stable/-BB/Stable/-BB/Negative/-BB/Negative/-BB/Watch Neg/-BB-/Positive/-BB-/Positive/-BB-/Stable/-BB-/Stable/-BB-/Stable/-BB-/Stable/-BB-/Stable/-BB-/Watch Dev/-BB-/Watch Dev/-B+/Stable/-B+/Stable/-B+/Stable/-B+/Stable/-B+/Stable/-B+/Stable/-B+/Stable/-B+/Stable/-B+/Stable/-B+/Watch Neg/-B/Positive/-B/Positive/-B/Positive/-B/Positive/-B/Stable/-B/Stable/-B/Stable/-B/Stable/-B/Stable/-B/Negative/-B/Negative/-B-/Positive/-B-/Stable/-B-/Stable/-B-/Negative/-B-/Negative/-B-/Watch Neg/-CCC+/Stable/-CCC+/Developing/-Fair Fair Satisfactory Fair Fair Fair Weak Fair Weak Fair Fair Weak Weak Weak Satisfactory Weak Weak Weak Weak Weak Weak Weak Vulnerable Weak Vulnerable Weak Vulnerable Vulnerable Vulnerable Vulnerable Vulnerable Vulnerable Vulnerable Vulnerable Weak Vulnerable Vulnerable Vulnerable Vulnerable Vulnerable Vulnerable Vulnerable Vulnerable Significant Significant Aggressive Significant Significant Significant Significant Aggressive Significant Aggressive Aggressive Significant Significant Aggressive Aggressive Significant Aggressive Aggressive Aggressive Aggressive Aggressive Aggressive Significant Aggressive Aggressive Aggressive Aggressive Aggressive Aggressive Highly leveraged Aggressive Aggressive Aggressive Aggressive Highly leveraged Highly leveraged Highly leveraged Highly leveraged Highly leveraged Highly leveraged Highly leveraged Highly leveraged Highly leveraged

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Issuer Ranking: U.S. And Canadian Metals And Mining Companies, Strongest To Weakest

Issuer Ranking: U.S. And Canadian Metals And Mining* (cont.)

*As of April 14, 2011.

Standard & Poors | RatingsDirect on the Global Credit Portal | April 15, 2011

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