Bit of a hot headed reaction - apologies. Some employees in other parts of Arrium have had wages freezes for years while generating the cash that allowed these mines to be run. Mines have been cutting costs but just not as quick as prices have been falling. However, it doesn't take a rocket scientist to see what will happen if the inflated wages of the unionised sectors of the manufacturing industry are not reigned in. Its most likely a bargaining position but its a dangerous game.
ARI Price at posting:
2.7¢ Sentiment: None Disclosure: Held
