Not sure about that statement Rock. I think BSL to an extent is at the whim of certain market prices which it doesnt control. The good news atm HRC prices are way above forecasted at the half yearly reports. Trading at about $1,100 which is pretty good. Did a quick Excel spreadsheet and we are currently at 460,875,854 shares on issue. They have $319,942,237.86 to spend on their buyback. If the price averages $20, 16,000,000 more shares will be boiught back leaving roughly 445,000,000 shares on issue. They/ve nearly cancelled 100,000,000 or 1/5 of the company. Ive said this before, this should be a $30 company.....atleast. It has good cashflows even during the troughs which is fantastic for a cyclical company. Don't forget, the ramp up in the US still isnt 100% complate so with extra steel and hrc prices over $1000..... an upgrade could be a possibility in a few months if HRC prices remain at these levels.
BSL Price at posting:
$20.22 Sentiment: Buy Disclosure: Held
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