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Ann: Share Placement to JFE Shoji Corporation, page-16

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    lightbulb Created with Sketch. 116
    Inventories and payables r likely connected. Electricity unused becomes an inventory, but they dont pay for it. Or pay a portion of it. So things go to payables.

    285-128mil. Thats still about 135mil usd in excess inventories.

    nothing to sneeze at. Net debt is only at usd 220+mil. Annual ebitda even at low prices is almost 100million usd.
 
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