Table of Contents
Shale gas: Tactical and structural implications for Industrials & Materials 3
The current state of US “shale” gas 5
Agribusiness: Higher gas prices a risk to nitrogen sentiment, but EPS revisions not likely 8
Chemicals: Riding a wave of ethane to an ethylene supercycle 9
Steel & Metals: Cheaper gas prices modestly benefits alumina and integrated steel 12
Engineering & Construction: Still the early stages of downstream infrastructure build-out 13
Machinery & Diversifieds: Mining upside, Aggregates downside in nat gas rally scenario 14
Disclosure Appendix 19
Stock selections in this report are based on individual analyst criteria.
The prices in the body of this report are based on the market close of March 16, 2012.