I suppose the cost of Iron Ore would be significantly different to the time of the last forecast. Say $US100/t reduction in IO price, you need 1.6t to make a tonne of steel so $US160/t converted to Aussie would be around $A220/t however you would think this lower cost price would only apply to a quarter of the production ex Port Kembla so around 750,000tonnes or a saving of around $A160M.
Northstar uses scrap as feed and therefore wouldn't be getting the savings unless the scrap price has moved in line with the Iron ore price?? It would be nice to know what assumptions UBS are using.
At the end of the day a company that is forecast to make over $2Billion dollars for 6 months and has a MC of less than $11 Billion. Really ????
Ann: FY2021 Full Year Results ASX Release, page-29
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