OMH - Strong Sell, page-90

S32 is about to close their South African smelter, they cannot compete with OM Sarawak. Their cost of production is 10% more than their sales price. OMH would be making 20% + profit at least. Tasmania TEMCO is making a slight profit with costs increasing 5%, I'd think it will be closed or sold too. TEMCO is a 50 year old plant and it also needs huge capital injection if it continues.
Overall the S32 manganese operation did extremely well even better than the previous year, sales price was great and would be more in AUD$ terms than last year. 1/4 of S32 earnings came from manganese.
Whilst OMH won't do as well as last year, the results from S32 show that OMH will do far better than the market is anticipating.