As far as I see it, there is some hope. A positive announcement regarding a JV partner could help turn things around. The most recent quarterly (29th April) said that the execution of a definitive agreement with JFE Shoji was expected this quarter (Q2 2025).
So why is the share price not building in expectation of that?
It looks to me as if many investors are somewhere between "I don't believe it" or "I'll believe it when I see it".
Repeated delays and missed expectations with any stock will erode the trust of investors.
If the JV goes ahead and guidelines and expectations start to be continually met then the future could be very bright.
If there is another delay or cancellation of the JV, well...
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