It's largely a reflection of a collapse in the already limited...

It's largely a reflection of a collapse in the already limited confidence that shareholders have in the BOD and concern that talk of SD is a cover for more hoarding cash. Of course IO price also has a part to play but does not explain today's big fall. Major shareholder is not interested in buybacks, special dividends or other forms of capital management. Does Shagang have long term plans to acquire complete control (ie.100%)? Not sure whether they could every get approval from their own government or our FIRB but in that situation having $600m plus in cash in the bank would go along way to make a buyout possible.