Lots of negative news in this. Reading between the lines I have to assume that they are shutting down ~50% of their production because their foward order book is so bad that they can not sell the product above their marginal cost. The steel industry is a volume business with high fixed costs so the now 6mth loss of production from BF #5 is going to have to have an enormous negative impact on their cashflow. Looking like no cash from the sale of Taharoa either.
No wonder they have gone for more equity now - they may be in no position to raise it later. I take it they are saying that things are going to look much worse by end of FY09.
Ann: Trading Update Presentation , page-3
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