Global steel prices are down around 10% over the last couple of weeks(maybe because of the IO fall) leading to the share price fall. If it goes further domestic Australian customer will reduce orders waiting for a price bottom and BSL will need to find more orders offshore which are likely to be at lower prices.
I hope this doesn't turn into a death spiral where prices sometimes fall to below the cost of production. Although nowhere near that position yet.
BlueScope is a great company that can now withstand such events however the massive profits could disappear quickly. Time will tell.
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