WITH the market coming off the mat after being KO'd by the Greeks, it's worth sniffing for oversold plays -- and there's been no blue chip more trashed than the steelmaker. BlueScope Steel (BSL) $1.17
BlueScope is being valued at salvage rates: according to Macquarie Equities, there's nil value ascribed to its local operations, centred on the Port Kembla works.
JPMorgan notes that the stock is trading at 0.39 times book value and 0.47 times net tangible assets.
If the steel cycle turns, BlueScope is worth much, much more: JP Morgan devises a "base case" of $3.56 a share and Deutsche Bank assigns a $2.60 "target price".
