Some facts, page-55

For those who appreciate quality research:

• "It is clear that the steel industry has, for the time being, reached the end of a major growth cycle which was based on the rapid economic development in China.” Hans Jurgen Kerkhoff, chairman of the World Steel Association’s economics committee.​
• China’s top 100 steel companies lost $3.1 billion over January-August this year – Baosteel Research Dept​

Steel production down and falling. Iron ore demand flat and weakening.
Iron Ore "Battle Royal" still to come. The race to the bottom:​

• 75-80 million additional tons from Aus, Brazil in CY15 – similar next year?​
• Australia-Brazil now accounts for 85% of Chinese imports (75% last year)​
• Chinese supply hanging on. ‘Non-traditional’ suppliers falling away (less than 10%)​
• New supply ‘story’ moving from Australia to Brazil? Vale’s S11D​
• Emergence of (delayed…) Roy Hill​
• Where will all the new tons go? (market share pie not getting bigger)​

There is no room for new tons from West Africa.
Much more importantly there is no need for these tons nor any demand.
Anyone backing SDL is not only flogging a dead horse they are saddling it up and brushing its coat and refusing to look at the very obvious truth: the horse is DEAD!

For those holding SDL in hope of recovery et me ask you this:
A positive finance announcement leads you where exactly? Closer to a loss making capital investment decision. Sub US$50 iron ore and SDL does not make any money and certainly not enough to repay finance costs let alone equity.