Ironic that FMG have dropped their costs for 11 consecutive quarters which means they started focusing in that area in late 2013/early 2014. At the same time Arrium executives were awarding dividends to shareholders and signing EBA 's with 3% increases to employees for the next 4 years, all in an attempt to appear everything was all good just prior to going to the market for $750m in capital to help fund the closure of their $600m asset in Southern Iron.
Corporate deception at it's worst, just not prepared to accept responsibility and admit the Southern Iron purchase from WPG two years earlier was the worst decision in the history of the Arrium/Onesteel business that would ultimately result in 50% bonus to WPG shareholders and send Arrium into administration.
To date nothing from ASIC.
ARI Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
