prospects

I sold all my shares in BSL at 2.92. The funds I used to increase my stake in PLA as see some good news flow coming from this in the next few months.

I see that BSL will find things difficult while the AUD is at these highs against the USD and steel prices remain low.

Having said that I think the US$ will strongly rebound on first sign of sustained economic improvement in the US and any talk of increased US interest rates. These signals will also coincide with improving global steel demand and higher prices.

The cost cutting BSL are currently doing is the right action. When the AUD depreciates and steel prices rise which should start in the second half of 2010 then BSL will begin to look like a very attractive investment opportunity.

I have some significant funds becoming available end January and will look to again start building a long term stake in BSL if we stay at sub 280 prices.

I too see that at the next peak of the cyclical upturn we could well see BSL shares 2-3 times their current price. This is probably 3 years away.

I agree with the commend that AWC and OST have similar fortunes.

BR
Max