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Shareholder Value—Approach
We are always focused on maximizing total shareholder returns, generating above-cost-of-capital returns, and driving year-over-year earnings per share growth. Our primary financial goal is to create significant value for our shareholders.
While total shareholder return in 2008 was not positive due to circumstances out of our control, we continue to believe our strong financial track record has positioned us to achieve this goal over the long-term.
Like most other stocks and the major indices, the market price of our stock was severely impacted in 2008 by the global economic downturn that affected financial markets in a manner that has not occurred in decades. This is yet another reason why we initiated cash conservation and liquidity preservation actions so that we will emerge from these extraordinary times even stronger when the global economy recovers.
In 2009, we will continue to complete the growth projects that were deemed uneconomical to halt, systematically control our cash position, and continue to be aggressive and quick to react in an ever-changing market—all without compromising our values. As in years past, our focus will be to deliver for today while also building for the future.
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