Holding in PMM at $1.77 i.e. shortly (PMM $3.54) CSN could cash half in to get money back and have a free interest / carry o f7.4% in PMM – for CSM shareholders not bad in my book. This has all happened since 30 June 04.
A cool $60m profit on PMM. This is 5 times CSM annual profit of 2003. The higher PMM goes the greater the benefit to CSM.
I like companies with good management.
