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Jim910

4,513 Posts.

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18/12/20

11:14

Post #: 49676819
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Originally posted by pintohoo: ↑

"All the more reason Australia should develop steel making facility and stop selling iron ore to China and use the coking coal in blast furnaces.""

'again' -------------- who is this 'australia'

who is going to build steel mills - who is going to fund them, who is going to own them -

steel is a LOW margin product - a dirty industry -------

why would 'australia do it?' -------------------- the 'iron ore' is owned by mostly foreign interests ----------- over 80% foreign for rio and over 60% foreign for bhp

WHY would 'australia' build mills to save foreign investors?

why put up the money - why take the risk- to go into a low margin business

a mining business that's

1. foreign
2. going fully automated
3. in a royalty race to the bottom

to make steel to compete with

1. china who is bound to make it cheaper and

2. other players who might come on stream

it makes zero sense at all - a huge risk for at best a very small profit - and, more likely a loss

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