BlueScope Share Drop?
Redundancy acceptance is coming in thick and fast - especially by the top end management!
But there is a problem - many are being put off to a later date, due to payment inconsistencies by the banks. Too much money out and not enough in - all waiting for the Government Steel Package for CO2 Tax but not until July 2012.
Sales are also reported down at BlueScope Distribution (price rise ZA only in December) as normally a quite period over Xmas anyway. The price increase hasn't resulted in expected sales growth and imports have increased by 15% in October & November of basic roofing, purlin, flashing feed coils by non BlueScope rollformers. The imports are starting to come - and the BlueScope price rise has not even been advertised by the major rollformers. The jumping off the ship has started. Forward orders have increased through banking data released on LOC against steel coil suppliers in India, Korea and China by Australian companies.
1. Keep a close eye on the Australian Icon in next 7 months.
2. One other rollformer struggling badly yet one gaining market share through diversification.
3. Which rollformer is now dealing with Corus/TATA for trials of new Dyesol coil solar sheets, as 20 coils came into Melbourne last week via Wales.