Recapitalisation options:, page-17

No more example of the old habits then the article below re Greg Waters retirement last year as another Arrium executive jumped ship just before it sank. Waters ex BHP including BHP Transport, on to Bluescope Steel and then brought across to Onesteel by his old BHP buddy in Geoff Plummer to head recycling and then head of mining which he knew nothing about.

As head of Arrium mining plays his part in the acquisition of Southern Iron from WPG and the $600m spend that went with it, not to mention the onerous contracts he and the Board agreed to. A few years later he closes Southern Iron at a cost of hundreds of millions of dollars and the jobs that go with it, then another BHP Newcastle old boy in CEO Roberts congratulates Greg on closing the SI asset and turning Arrium into a 'low cost producer' at US$60 a ton.

Roberts considers Greg did such a great job he'll keep him on as a 'consultant'.

Complete and utter delusional, self entitled, Corporate incompetents with no shame who just wanted to keep sucking massive salaries from Arrium treasury no matter their performance.

Have to feel sorry for the employees with this sort of leadership at the top.

The directors of WPG will be sending Plummer, Smedley, Waters and the rest of the Arrium Board a Christmas card and box of champagne ever year for doing the deal of a lift time for the shareholders of WPG.

http://www.arrium.com/about-us/late...eet-the-challenges-ahead-30-jun-2015?command=