Arrium on precipice as board offers SCALPS, page-4

Anyone wanting to know why Arrium is where it is now the ignorance and arrogance is in the answer to the first question below by our CFO who still holds his position. In 2013 he states 'that they(Board) believe the IO price will stay close to historical highs for the next two years'.

Later on he claims 'you don't need any special skills to be a mining CFO, just adaptability'.

Well, Bakewell and the Board got it spectacularly wrong and cost the shareholders around a billion dollars which is still being paid to this day. Even when they knew the precarious situation they were in as a result of their own creation what do they do, have a strategic review to find out what they should do.

Bakewell is paid around $1.3 million dollars a year for his stupidity, Roberts $3 million in 2014 and only $1.7 million last year due to his and the company's poor performance. Both these highly paid executives have been promoted way above their ability, obviously they had friends on the Board who considered them 'rising stars' and just like the IO expansion got these two recruitments spectacularly wrong.

Both have to go, they just don't have the smarts, leadership qualities and risk/cost management focus to be managing a leading Australian steel and mining company or any company for that matter.