This company has actively sought to transform itself and that...

This company has actively sought to transform itself and that has incurred greater debt.

That said it looks forward to better revenues, profits and cash flow which is distinct from the other steel maker in AUS.

It has been a long time since we've focussed on fundamentals and the macro environment dominates. But patience matters. OST is not over valued.

In fact the market is well priced and frankly totally unloved at the moment.

No advice given but my thinking is that the macro story will get better. China has recently loosened and we need time for that toreflect in the numbers.

The Europeans are showing signs of making definitive moves rather than just bandaging the wound.

The Fed and Uncle Ben will initiate another QE program.

Our futures are down 48 at the moment and there will be further scary days.

I look forward to Q3 and a more sustained rally up.

GLAH