Agreed, share buyback or dividend would be the dumbest idea,...

Agreed, share buyback or dividend would be the dumbest idea, although it will deliver a short-term return on investment for shareholders I would prefer long-term growth. Also, you can be assured that the 280m from POSCO is not a gift for GXY to do as they please, there would be some strings attached to it. See it as more of a partnership with POSCO, a long partnership probably (I would imagine) with a lot more benefits for both parties in the future.