I agree with your second paragraph and in my opinion not just FMG but all company around world would try to reduce cost and increase profitability but there is only few who provide or pass on those profitability to shareholders & FMG is one of them as after all you are getting dividend so that is good point.
As I disclosed earlier, I don't short any stock anywhere in the world.
I agree with your narrative on steel demand and I am not bearish on IO at all but as I said here earlier I myself looking to buy BHP/RIO or even FMG if it let go FFI ... as I don't see point in investing in a company that is trading on thin line with lower grade IO but importantly spending money without giving out business case or even cap on spend .... but who knows what is in the books in future and you all might be millionaire with FFI ... !
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(20min delay)