Indeed. My main issue isn't so much with the C&M, as much as it is with the reality that the plant hasn't yet come anywhere near its nameplate output capacity. I think this announcement would have been received a lot better if there had been some visibility and past progress on the rectification works. As it stands, a lot of investors will see AGY with a broken plant, pausing operations in a broken state. The 10,000t operation expansion, which seemed more like a distraction in this announcement, is utterly meaningless without the 2kt operation smoothly.
I also can't fathom why the company thought it would be a good idea to hire 150+ employees without getting the plant properly operational. Bakery and all, they seemed so confident. Now they have to let all those people go which isn't a good look for Pablo/Jerko. Were AGY hoping for some funding plan for stage 2 which was torpedoed by collapsing lithium prices + ramp-up difficulties?
AGY Price at posting:
5.1¢ Sentiment: Hold Disclosure: Held
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