All good. Steel mills do make good profit margin based on the facts that Chinese smelters are starting to shut down some of their blast furnaces to build bigger and better blast furnaces to satisfy their government green agenda.
Steel supplies are limited due to higher spot price for Iron ores and the shipping costs. Bsl and Liberty proved that they could generate good profits even though the iron ore price is at the highest cost curve. The businesses will sure increase their profit margin when the iron ore price is falling in relation to China's green industrialisation.
Bsl and Liberty do need to lift their game to inject more investment in those decades old mills.
Ann: Preliminary unaudited 1HFY21 underlying EBIT of around $530M, page-56
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$22.02 |
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