steel co.s increase 10-20%, page-15

re: bsl finish Regarding getting Bluescope right. I first bought into Bluescope when it was a bit below $3.30. Along the way steel prices went through the roof and then plummeted and on a continual basis there has been China scares and takeover rumours. The reason I have stuck with Bluescope is that since October the international steel stocks have doubled even after profit downgrades whilst Bluescope plummeted. I felt that the downgrade a week before the interim results was the worst news that the co. could deliver and felt that at the interim results meeting that if there was no more bad news then there was a lot of upside potential. Also I am still always of the view that the lower Bluescope could fall the greater chance that it would be taken over. At the current SP it is still relative cheap compared to a possible takeover price. However I noticed the institutions have come back in heavily today, this seems due to US steel exceeding the analyst interim EPS forecast by 30% even though the result was down heavily compared to the previous yr. They normally say it takes 7-10 trading days for the institutions to come in and purchase what they require. However I do not like to trade a stock during this period and normally just hold as the stock can become highly volatile during this period with sharp rises and declines when the profit takers come in at certain points.