Pit & Quarry, June 2012

Judge rules for Vulcan Materials Martin Marietta to appeal J udge Leo E Strine Jr of the Delaware Chancery Court made a decision to block Martin Marietta Materials for a period of four months from prosecuting a proxy contest making an exchange or tender offer or otherwise taking steps to acquire control of Vulcan Materials shares or assets We appreciate the Delaware Chancery Courts careful consideration of this matter and are pleased with the decision Vulcan Materials said in a statement Our board and management team remain focused on enhancing value for all Vulcan shareholders including through the aggressive implementation of the Profit Enhancement Plan and Planned Asset Sales that we announced in February As Lafarge North America turns over mining rights across 1300 acres Lafarge North America has come to terms with government agencies and jurisdictions to turn over land leases to preserve land in and around Rocky Flats National Wildlife Refuge Lafarge held leases to extract sand and gravel on three properties totaling about 1300 acres around the wildlife refuge The company worked in cooperation with the U S Department of Energy DOE the U S Fish and Wildlife Service the state of Colorado Jefferson and Boulder counties House passes 90 day extension action now moves to conference with Senate The U S House of Representatives passed an additional 90 day extension of the surface transportation program from June 30 to Sept 30 at level funding setting the stage for a conference with the Senate on a multi year surface transportation reauthorization bill Reported by the National Stone Sand Gravel Association NSSGA the extension includes a Keystone XL pipeline approval provision and the RESTORE Act that would distribute money to Gulf Coast states affected by the BP oil spill Three amendments were added including one offered by Rep Reid Ribble R Wis that encompasses several environmental streamlining overhaul provisions The other two amendments deal with Harbor Maintenance Trust Fund spending and coal ash regulation NSSGA says this is a shell bill designed by House leadership to get the House to conference with the Senate on reauthorization and complete work on a final bill that can be signed by the president by June 30 EDITED BY DARREN CONSTANTINO AND KEVIN YANIK demonstrated by our strong performance over the last two quarters Vulcan is well positioned for growth with superior aggregates operations and operating leverage and we look forward to continuing to build shareholder value Martin Marietta said it will appeal the ruling The company issued this statement Martin Marietta continues to believe in the undeniable strategic merits of a business combination with Vulcan We are disappointed with the decision rendered by the Delaware Court of Chancery with which we strongly disagree Martin Marietta says it will pursue an appeal of the ruling The companys motion for a stay was denied and the city of Boulder as it developed government proposals which included the sale of Lafarges leased mining rights in the area Lafarges first lease has been terminated and the mining permit for the 640 acres was transferred to Boulder County The second lease of 605 acres was terminated and is undergoing reclamation in cooperation with DOE The mining rights on the third parcel are expected to be turned over to DOE later this year Monthly Construction Contract Value Seasonally Adjusted Annual Rates in Millions Mar 2012 Feb 2012 Change Nonresidential Building 122785 128282 4 Residential Building 146699 143851 2 Nonbuilding Construction 212896 119219 79 Total Construction 482380 391352 23 Source McGraw Hill Construction Year to Date Construction Contract Value Unadjusted Totals in Millions 3 mo 2012 3 mo 2011 Change Nonresidential Building 27609 36593 25 Residential Building 31949 26312 21 Nonbuilding Construction 34616 33920 2 Total Construction 94174 96825 3 Source McGraw Hill Construction 4 PIT QUARRY June 2012 www pitandquarry com