Valuing Bluescope after the $7 scandal

To try and look at some sensible figures, and please correct me if I am wrong. This is what I see in BSL with some minor reading of announcements etc.:

• Book value per share = $13.29 (according to Commsec as at June 2019)
• Net Tangible Assets per share = $9.41 (p.2 of "1H FY2020 Appendix 4D, Directors' Report & Financial Report" announcement on 24/2/20)
• Net Cash flow = -$40M including $67M spent on North Star expansion
• Net debt = $47M mainly due to $400M accounting of operating leases
• Expected expenditure on North Star for all 2020 = $210-260M (slides 23-26 of "1H FY2020 Results Presentation" announcement on 24/2/20)
• EBIT, profit etc. down but still making money with reduced spreads (I can't be bothered going into details)

There is a buyback happening and there won't be franking credits available for some time. These are relevant facts but can we have discussion about other features of the Bluescope business? I think that the North Star expansion is the most important aspect of the business in the medium term future operations. I think that it is relatively conservative and a sensible move.

I am not going to be replying too often to any questions, I am not an investment guru.