G'day,
Steel is a zero to negative growth industry (volume), further capacity is fixed without major capital expenditure making it very difficult to offset cost increases with market share gains.
You should also be aware that in recent times BHP has lost patent protection for zincalume making it vulnerable to import and price competition in a once secure market. This is emphasised by the recent import bans placed on major steel exporters by the USA.
If you still think it is a good thing check out the earnings record over the past five years and compare that to what you are being promised. It is a lousy industy world-wide so why should BHPS be any different?
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