ARI is my pick, they can shut down some of their IO operation...

ARI is my pick, they can shut down some of their IO operation and still plod along with their mining consumable business as that part is the most profitable now. Steel is and will stay EBIT +ve and with the 200mil from min consumables part, it can serve its debts and grow. Don't forget what they paid for the second FE mine, it probably already paid for itself. Once this capital rising is dusted they will need about $40 M cash-flow as a minimum every year to pay the interest, whatever they make on top they can pay down debt. They are also the lowest cost producer with own infrastructure of the 3 and the IO quality is higher than AGO therefore less discount.

DYOR