Suggest you read some of my previous posts. Business write downs...

Suggest you read some of my previous posts. Business write downs = no tax paid in Australia= no franking credits = no franked dividends= buybacks= Market isn't valuing buybacks in the share price.
China's massive steel capacity build over the last 20 years has made the global steel market very competitive at times leads to price death spirals. BSL is a company that has restructured to try to remove itself as much as possible from very variable Export steel price fluctuations. BSL tries to concentrate on domestic sales in Australia, NZ & USA and also dabbles in some Asian countries. They try as much as possible to sell what they produce in the country it is manufactured with as much value add as possible.

I don't know of any other company like BSL on the ASX that has a MC of $5Billion and has made more than $3Biillion dollars in the last 3 years.

Bottom line: Small unfranked dividends and large buybacks that are not valued by the market leads to poor share price performance. BSL needs to clear the tax credit, start paying taxes and giving out franked dividends and the share price will improve.