Couple of points-
1. BSL Northstar operation in US is elecric arc- and is posting one of the highest capacity utilisation rates in the US atm. 60-75% A lot in the other quartiles are running well below or have shut down. Shutting capacity in electric arc is not the big, expensive drama it is with blast furnace production.
Scap prices have dropped dramatically from 2008 prices worldwide but esp in US. A big profit factor in the steel ind. is the spread between input prices and output prices. So if input prices for scrap fall faster than output sale prices, thats a big plus. Looks like what is going on.
2. Expect a big drop in iron ore prices soon. Some drop in coal also. Same spread note applies here.
What an opportune time to have a big blast furnace scheduled for maintenance, anyway.
The previous CEO was pretty much a go getter. In this environment youd need some courage, but there anre no doubt some mega bargains going to be in the offing. Not least in iron ore mines.
big worry, page-5
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