Ann: NRW Half Year Results Presentation, page-4

Yes, save the intervention of the state gov, I think the results would have at least held the SP in the high $3’s given the general market softness? Don’t see any reason for a fall given it’s off about 20% already and hence hopefully a lift. I think you get a detailed explanation of the OneSteel situation if you look under receivables in the full half year report. My take is there’s really nothing to see yet as prior to progressing with onesteel late last year they stopped and negotiated how they would proceed and signed the security over the port asset. There were other things around payments as well? Interesting they received I think 70 million for work up to around Sept. This last debt is around work and assets since then which I don’t fully understand. Note the receivables end June were 420 million odd which reduced to 380 odd end Dec. It’s a business with large outstanding payments given their work I guess. They itemise OneSteel as a separate item. Seems although they believe they will get the money back, any they don’t recover will be included in the ongoing profit/loss down the track. Profit’s adversely affected by weather and Lithium work stopping but most headline figures stellar IMO. Increased Div to boot and significant cash increase although debt is larger. Still some work to do on margins IMO. Interesting open Mon GLTA