Bris Vega, While I can see why goodwill of $1.2b was too high, I...

Bris Vega,

While I can see why goodwill of $1.2b was too high, I would argue that plant and equipment valuations are either close to the mark, or too low.
Steel mills are incredibly capital intensive, and they have either two or three (Whyalla, Laverton, and I seem to remember a mini mill in Sydney they acquired from Smorgons as well?).
Something as simple as relining a smelter can cost $600m.

I would like an accountant's view on how to value equipment when market prices fall huge amounts - there is a concept of mark to market for the product (iron ore, steel inventory), but I thought the assets were valued on something like purchase value less depreciation??