Rick:   I wanted to give you an update on what's going on with 201 on steel 
imports:

Late Friday evening, Zoellick sent a letter on behalf of the Bush 
Administration to the  International Trade Commission formally initiating a 
Section 201 investigation for the steel industry.  Most, if not all, products 
that Enron imports were included in the scope of the investigation.  

I left messages for Jeff, Tim and Greg Hermans (trading) over the weekend 
that this is now official (they had previously made an announcement that it 
would happen, but we didn't know details because the filing had not been 
made).  

I am working with Jeff M. and Public Affairs on our statement on 201.  It has 
been through several iterations over the past week.   Do you want to review 
before it's finalized?   We do not plan to issue any statements, but we plan 
to talk from these points when asked about our position (by reporters or govt 
officials).   Jeff wants our approach to be "moderate" given where we are 
with the domestic producers.  

We are putting together a timeline for the 201 investigation, spelling out 
important milestones in the process.   This will help our commercial team to 
understand what is coming down the pike (and when).  It looks like the 
investigation will take approx 9-12 months to complete from start to finish.

Let me know if you have any questions.

Lisa