It was my first annual meeting ever and a very interesting experience. There were about 30 people there of which maybe a quarter were the management of the company, a couple from some fund managers and banks, and some individual shareholders. I was probably the only person who was in his 20's, and definitely the only one in jeans and t-shirt.

I asked some questions about the stuff I know a little about, energy, and lo and behold, in spite of being an energy intensive company, profits will actually go up if energy prices go up. Costs will rise, but in the current market iron producers can pass the costs on to steel companies, and because we are much closer to the customers in the Baltic and North Sea region compared to the Brazilian suppliers (not to mention we are only 40 km from our port and we have a railroad going straight from the mine to the port) we will actually grow our margins as energy becomes dearer.

That is, if energy prices don't kill the world economy and global iron demand, which is mainly driven by the still very robust emerging markets.

Peak oil is not an energy crisis. It is a liquid fuel crisis.