the smeltdown

Well, despite recent prudent production cuts to around what... 7.3mtpa? I shot down my MIG's for a reasonable profit and bought a few of these on a ST buy for a potential 15-25% rebound if global markets stabilize at these levels.

Compared to some of the steel makers the balance sheet is not too bad IMO, with an estimated post SPP 34% ratio of tangible assets to liabilities. This appears much more serviceable that some of the steel mills which must be steeling themselves for a difficult few years unless Rudd starts throwing railway lines at them.

As an aside...
I cant figure out if they only have 1mt pa capacity idle, or whether they are idling 7mtpa, as I read somewhere that they have capacity for 15mt pa? Can anyone provide clarity here?