The panic is on as iron ore and steel prices rise and costs are driven out of the business at a rapid rate, many identified prior to administration. Supposedly announcement re Molycop made tomorrow with no IPO, why the sudden rush ?
Deals may have been made and everything is being rushed in case February comes around and the fundamentals are even better than they are now, hard to justify flogging a business with iron ore prices heading north with $20 a ton margins and steel prices rising worldwide with many Governments implementing tariffs putting a floor under world steel prices. BSL took a hit with their exports into US with tariffs but are reaping the benefit here in Australia with a strong domestic market.
Time for the hyenas to stop picking the beast clean, return it to the shareholders with new directors and watch it take off. The workers have suffered enough and given up plenty, time for the Unions to take a stand and stop the Corporate fending frenzy that's been going on since late 2014.
ARI Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
