valuation, page-22

Has anyone actually payed attention to the comment about the restructure being FULLY offset by not selling so much export steel at negative margins?
Last years profit was $129m what would it have been if they weren't losing an extra $400-500m?
This years loss was over $900m, although if they didn't build so much inventory and didn't lose an extra $400-500m on exporting from AUS i think you would have seen a profit in the region of around $200-300m.
This is at a terrible time in the steel cycle so i would expect after the first full financial post restructure that $300m profit would be the worst case scenario.
Remember AUS is the only loser on the BSL books!
Turn that into a winner and then there are NO losers!
If i'm wrong i may not get to retire before i'm 50 :).

Ps: i don't believe there will be any bank interference or cap raisings, it's a very small debt for the type of turnover they have, it only takes a modest profit margin to make this debt start to dwindle very quickly.