I think retrenching lots of employees and having a growth by acquisitions strategy seems to be a bit of a stretch. Unfortunately top dollar paid for acquisitions in the boom times, and retrenching employees would make investors a bit nervous. And there isn't any moat around this business - they are price takers as far as I can tell.
Good thing has been record levels of steel production.
Only down 5% on this news - either news isn't so bad or there is further to fall?
sp volatility, page-7
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