BSL management is some of the most inept and greedy in the corporate world. It's sad it is being kept afloat by bring forward of teh carbon tax compensation.
The recent reorg is just rearranging the deck chairs on the Titanic. IMO, default is just a matter of time. The last cap raising didn't even have an audience. The next step down when there is the realization that the company will never make a buck let alone paying off the debt(perhaps in 6 months time) will be selling off assets that no one wants (never mind the expensive Labor, high AUD and carbnon tax).
It's now almost entirely a domestic supplier. Building & construction in commerical and residential is very depressed and getting worse. Infrastructure projects are sourcing "price dumped" steel from China like never before. Just ask the guys building the desalination plant in Victoria.
When I sold BSL early last year and rotated into OST, I never looked back.
I couldn't believe some here were suggesting that OST would merge with BSL. OST will be mining and shipping 12MTA of iron ore and in years to come raking in more than a billion dollars in profit if IO spot price remains the same.
BSL Price at posting:
$2.34 Sentiment: Sell Disclosure: Not Held
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