Yes and the glut will increase. Housing market which uses a lot...

Yes and the glut will increase. Housing market which uses a lot the products is not healthy here nor in the USA. The Americans are putting on a brave face despite their debt which is increasing at $80 million per hour. When things collapse there, it will affect their capacity to purchase Chinese goods and as we know a slow down in China is a bad sign.

Bluescope wanted to buy Smorgon and all they could get is the distribution business which they may not buy anyway. Smorgon wished to keep that business however Bluescope would not let them because they were not happy with the fact that One Steel was the preferred choice by the regulators.
Would be a good idea if Bluescope bought a partnership in an Iron Ore mine as One Steel has done. The Chinese steel mills are able to effect Iron Ore mine partnerships here so I do not see why Bluescope cannot. 2 years ago I listened to Kirby Adams saying it was too late due to the fact that iron ore mines had become too expensive. However, considering that raw material costs ate into 50% of the profit of that time it may steel be wise to look toward a mine partnership.