MARCH 10, 1994

CARTEL MEETING IN MAUI, HAWAII

CARTEL MEMBERS FIX PRICES ON A GLOBAL BASIS

Segment 4 - March 10, 1994, Maui, Hawaii - Video Tape

UNKNOWN MALE:	(ui).

UNKNOWN MALE:	(ui).

WHITACRE:	Anybody got a calculator?

MIMOTO:	(ui) calculation.

WHITACRE:	This makes it, what does it calculate over 72 cents, isn't it?

YAMAMOTO:	It's 74 cents.

MIMOTO:	74 cents?

YAMAMOTO:	Yeah.

WHITACRE:	74 is it?

YAMAMOTO:	Uhm, seventy now.

WHITACRE:	Good. Was a week ago.

UNKNOWN MALE:	(ui).

WHITACRE:	(ui)	cents with a...

VETTER:	Is 1.16.

WHITACRE:	1.16.

YAMAMOTO:	72? 74.

VETTER:	72 cents?

YAMAMOTO:	Oh. No, no, 74.

VETTER:	74?

WILSON:	A $1.16.

VETTER:	74 cents? A $1.16, yeah?

MIMOTO:	Well...

UNKNOWN MALE:	Oh, that's okay.

WHITACRE:	That's right in the $1.20 is the...

YAMAMOTO:	Um hum...

WHITACRE:	uh, less than truckload price.

VETTER:	Uhm. Okay so (ui).

WHITACRE:	$1.20 a pound.

VETTER:	Minimum.

UNKNOWN MALE:	(ui)

YUN:	Absolute minimum.

MIMOTO:	Delivered truckload price.

YAMAMOTO:	(ui).

MIMOTO:	But anyway.

YAMAMOTO:	Yes.

MIMOTO:	That's it. For-for Canada, 1.45.

WHITACRE:	I gave you the price what it is today, this is what we ought to push for. I mean it's 3.15, 3.20 right now.

MIMOTO:	Uhm.

WHITACRE:	I think to go to 3.55 is a little heavy right now...

MIMOTO:	From now.

WHITACRE:	in my opinion.

MIMOTO:	From now.

WHITACRE:	Right. From tomorrow, from tomorrow.

MIMOTO:	Oh.

WHITACRE:	It's already nighttime in Canada.

YAMAMOTO:	(Laughs).

CHAUDRET:	Uh, not on the West Coast.

MIMOTO:	U.S.A.

YAMAMOTO:	(ui).

MIMOTO:	U.S.A.

WHITACRE:	(ui).

YAMAMOTO:	Yeah.

WHITACRE:	U.S.A.'d be the same story.

MIMOTO:	(Clears throat).

WHITACRE:	Well instead of pinpointin' a lot of examples, why don't we?... Well like I told you, we made some mistakes, too, in U.S.A. 3, uh-uh, and we took care of it. The guy that was doin' that. U.S.A., I think we ought to go back, you know our target was a $1.20. We ought to get it back on target.

WILSON:	How far below are ya?

WHITACRE:	At least 10 cents.

WILSON:	Then, I wouldn't go to a $1.20.

VETTER:	No, uh, uh, I think that's a little bit, uh, you were mentioning for Europe, I think.

WHITACRE:	Well this is a $1.16 right there in Canada.

VETTER:	Yeah. Maybe...

WHITACRE:	But...

VETTER:	we should have Canada about, uh...

WHITACRE:	(ui).

VETTER:	1.15, 1.16. At the same price in the States and Canada. And going back to 1.20, 10 cents up.

WHITACRE:	Delivered price, full truckload.

VETTER:	1.16.

WHITACRE:	1.16, you agree?

WILSON:	A $1.16.

VETTER:	A $1.16...

MIMOTO:	A $1.16 (laughs) huh?

WHITACRE:	Full truckload, a $1.16.

VETTER:	$1.16.

WHITACRE:	Which is the correspondence, same thing in Canadian...

MIMOTO:	Right.

WHITACRE:	price.

VETTER:	Then we are at, then we are at equal...

MIMOTO:	A $1.16. (ui).

WHITACRE:	(ui).

MIMOTO:	(ui).

WHITACRE:	Delivered.

MIMOTO:	Everyone? Delivered?

WHITACRE:	Yeah.

VETTER:	Yes, delivered.

YAMAMOTO:	Too big number. I...

MIMOTO:	Full truckload?

VETTER:	Full truckload.

MIMOTO:	Absolute, absolute...

WHITACRE:	Effective tomorrow.

MIMOTO:	minimum.