crisis of confidence

Hey fellow IFE shareholders,

There hasn't been a post on Ironclad in a while so I thought I'd throw one out there to guage your sentiment.

I believe that in these market conditions, the baby is throw out with the bathwater. In addition, shareholder are suffering what I believe is a crisis of confidence due to the fact that we haven't hear a peep from the Company since Mr. Hellsten departed - the occurence of which has also attributed to people losing faith in the Company.

The fundamental are still intact, and from their last announcement to the market they said an upgrade was coming in Q2. This should hopefully lead to the signing of an offtake agreement with a Chinese steel mill.

The only thing that is worrying - and permanently so until an ironclad alternative is found (pun - hehe), is the shipping freeze at Whyalla for everyone but Onesteel. Even if the Company find an alternative, they may only begin shipping in 2010 or 2011, when analysts believe that supply will meet demand or maybe even outstrip it - decreasing iron ore prices heavily.

Any thought?

Hope all is well.

SS.