Lenders Last Chance to Save "The Scalping", page-23

Hi Bull,

I assume the next AGM which will be in November which should see a spill of the board, Roberts can save his career if he shows some leadership and humility. Plummer and Smedley have no hope of improving their standing in the corporate world after handing over the debacle they created to Roberts.

It's not hard, back in 2014 during the EBA negotiations with the Unions in Whyalla they should have said NO to pay increases as 'the iron ore price is collapsing and we're heading towards serious financial problems if it keeps dropping'. At the same time the board should have halted all annual pay increases across the company for two years including themselves to SAVE money. Even do something out of the box back then and all the board take a 20% pay cut to show all stakeholders the serious importance of the situation.

On top of that all contractors and suppliers should have been on rate freezes and asked how they could save Arrium money, back in 2014 that all should have been implemented from the top rather than the stupid 'strategic review' which has produced nothing and as a result a vulture fund offering to take over the company and eliminating shareholder value.

The 'advisers' Arrium pay must be laughing at the company and how easy it is to get some coin out of the company by virtually offering advice as a result of the board's lack of smarts, knowledge and integrity. I'm happy to offer the advice for nothing, although communicating and negotiating hard is basics business the penny should have dropped back in 2014 when he could have made a name for himself.

When Roberts took over(way too late now) he should have immediately started talking to contractors, suppliers, lenders, unions and the employees and clearly stated we have to cut costs significantly. It's not difficult, he just needs the leadership and strength to do it. Unfortunately there doesn't appear to be anyone on the board with the guts to support and guide him.

It's all about talking and negotiating with the ability to influence people and outcomes by showing leadership and courage. Trying to blackmail the banks or running for a Government hand out whilst offering nothing personally and appearing to be only interested in saving your skin and the board's is embarrassing.