Wonder when they will pull the plug and hand it over to administrators, analyst latest report says..
Tax payer funded life support
Government support may not save BlueScope Steel Limited (ASX: BSL), which has seen its share price fall 86% since March 2009. Currently trading at 28 cents, the share price is a far cry from its all-time high of over $12. A high Australian dollar, higher iron ore prices and increasingly cheap imports have wreaked havoc on its business. Being capital intensive hasn’t helped. So far taxpayers have stumped up $100m to keep the company afloat, and more looks likely to flow into BlueScope’s coffers as it struggles to survive and reinvent itself.
BSL Price at posting:
$1.68 Sentiment: Sell Disclosure: Held
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