BSL bluescope steel limited

still a going concern?, page-8

  1. 529 Posts.
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    Recently, many have been advocating that steel manufacturing in Australia is an outdated notion and that Australia doesn't need to produce it. Well... that may be. But that can also be said about cars, aluminium, concrete, paint, oranges and bananas. Where I happen to live, bananas are imported from central America and just yesterday I paid 83 cents per kilo. What do you pay for them in your local super? Does Australia really need to produce bananas?

    The real question Australians need to ask is whether steel production is strategically necessary. And yes, the Chinese are currently producing enough steel for themselves and enough for you to buy. They are also have plans to build two aircraft carriers and to upgrade their naval fleet. Plenty of Chinese steel will certainly be required for that project...

    I've noticed that Harvey Norman as a company is currently worth about twice as much as Bluescope steel. Actually, I've also noticed that Myer currently has about the same market cap as Bluescope. My goodness, how the mighty have fallen... That salient fact should be food for thought the next time you pop into Myer to buy a pair of socks or a bottle of after shave. It's all the more remarkable to think that is the case in a country which is still developing its infrastructure and has a high intake of immigrants.

    So, here's an idea for all those who don't think Australia needs a steel industry. Gerry Harvey or Myer could begin to import steel from China to supply Australia's current and future needs. So the next time you need steel to put a bridge across a river or erect another building or build a naval vessel, you could just pop down to Harvey Norman and buy some. It will be stacked out the back where they store fridges and washing machines. And don't worry, if they didn't have enough in stock for you to build an aircraft carrier, Gerry could always order some in from China. They'll ring you when it comes in.
 
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