.................................................................

.............................................................. Currently OMH is earning and profiting more than LYC which is now a $8 billion company and has never paid a dividend.

I think Barrabeachy is correct in saying that
"believes it won't be until all furnaces are running until investor confidence improves"

Commentary from OMH hasn't helped confidence, firstly their problems with getting staff during 2021, and then staff going home for Chinese New Year, then the furnace refurbishing as well as furnace conversions.
However once investor confidence improves it will be too late to load up.
By the end of this year, all furnaces will be converted and refurbished.
OMH is capable of producing 463,000 tonnes of alloys because that was what was produced in 2018 year.
If OMH completes the purchase of CMSB 25% then
At and average profit of US$400/tonne = Profit A$258 million
At US$500/tonne = Profit A$324 million
At US$600/tonne = Profit A$387 million

Even using King87 calculation for the first quarter of US$330/tonne aveage/tonne
At US$330/tonne = A$213 million.

".too good to be cheap or too cheap to be good dilemma."

The cost of power isn't coming down, Europe's problems will only get worse, possibly much worse.
"Almost unnoticed, regional forward electricity contracts for late 2022 and, especially, for 2023 have risen significantly over the last few weeks, heralding further utility bill hikes. In some cases, forward contracts have set record highs, having surged about 40% over the last two months.
Electricity prices jumped in December and again in late February for a few days. Since then, day-to-day prices have fallen back. The drop is misleading. In electricity, what matters are the cumulative averages. Monthly averages are painting a worrisome picture.
So far in May, the benchmark German one-year forward electricity contract has averaged 222 euros ($235) per megawatt hour, heading toward its highest ever monthly level, above the previous record set last December at 207 euros per megawatt hour."