Good points Steve, and definitely a sober reflection via the rear view mirror.
My view (and hope) is that HCL can develop a robust, consistent stream of replaceables via the base in Ohio such that it covers all costs and provides a profit, whilst we wait to land a big elephant or two, as they emerge.
I believe the ADF will continue to use HCL as we have, as a nation, a desperate need to develop onshore capbilities free of any need to import 'stuff' from elsewhere. We are afterall, an island country. It's why I also invest in CAA (aluminium) BIS (Q&T steel) and BSL (steel) - all vital to Australia's defence needs now and into the future. We have so under-invested in defence for decades that the proportion of the budget will expand exponentially into the near future. It just has to, though there are few left now who remember just how ill prepared we were for WW2 and Japan.
The move to Ohio is strategically brilliant. Right place, right time, right exposure, massive market now accessible.
Plus, the metal jacket market isn't a one size fits all scenario. It's more like the shoe market where size and purpose come into it. I heard proof of this just last night when the Ukrainians placed a special order for jackets for females (don't know who with) upon realizing that their jacket requirements are different and the sheer size of females in war related areas has now swelled to some 300,000.
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