Hi HT1
You are partly correct.
You are ignoring the capital sum raised by the Company when issuing those shares. Most of this money, we are told, was used to retire debt.
The larger the debt the greater interest that the Company has to pay.
Also the transfer in equity from the lender of finance to the shareholders makes the shareholders equity greater and the shares more valuable.
You have also chosen to ignore the $330 million spent on relining No 5 blast furnace, which is an asset to the Company.
I don't think you are comparing apples with apples.
This makes your statement that any sp over $3 a tad expensive, is very questionable.
Hi HT1You are partly correct.You are ignoring the capital sum...
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