2015, year of iron ore. ARI, still lost 85% from its 52 week...

2015, year of iron ore.

ARI, still lost 85% from its 52 week high.
ARI, was OneSteel, it's rival BSL performed exceptionally well.
2014 financials:

- Mining consumables $187m EBITDA
- Steel & Recycling $51m EBITDA
- mining iron ore $686m EBITDA

ARI generated EBITDA of $238m from consumables & Steel & recycling.
Iron ore has annual production of approx 12 Mt, similar as AGO current capacity.

Falling Aussie dollar, improving iron ore price and Halved oil price, will help ARI improve results.

According to MD, Aussie dollar drops 1c, ARI EBITDA will improve by A$11m - 14m.
Aussie dollar dropped from 93c on 30 June 2014 to currently around 0.81. Could improve $150m EBITDA.

Negative is having a large debt, net debt approx A$1-1.3b,imo.
Net tangible asset $1.29 per share.

Allan Gray Fund recently spent $106m bought 356m Shares, cost 29.7c/share.