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.
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(20min delay)