Finally the BlueScope management and board are moving toward profit (maybe by 2014) and this involves leaving Australia and going overseas! The main driver of this proactive change from the board could be a result of this comment by Australian Shareholders Association chief executive Vas Kolesnikoff who described BlueScope Steel as a ‘‘serial underperformer’’ that will face a shareholders meeting in November this year after release of its full-year results on August 20th 2012. If they receive a second strike from these angry shareholders (more than 25% - it will trigger a board spill and new elections!). Now the announcement of a $1.36 Billion Joint Venture between Nippon Steel caused the biggest rally on the ASX today from 26 cents to 35 cents (nearly a 35% increase) and the publication details of this JV is available at http://tenbagsfull.com.au/ if you are already a member or click on the free invite list at the top right of this post for Ten Bags Full - a great share market community website.
It's also available on the BlueScope Website!
|FY2012 results update!|
Will management grant themselves bonus payments this year? On Friday BlueScope shares were 26 cents and one day of trading later they are 35 cents. A long way back to $6 or $12 per share! Shareholders will punish the bonus paid last year after that shattering loss, and there will be a shareholder spill of the board - politicians should take note also - the public, shareholders, workers, business people and even Bloggers have good memories.
These new JV's all over Asia, USA and the World will be good for BlueScope, as is the Nippon Steel JV - BUT it won't be BlueScopes massive management juggernaut in charge - it will be under the NS structure and much, much cheaper.
Here's some pictures of Nippon Steel!
|Nippon Steel makes lots, & lots & lots of cold rolled steel!|
|This is Nippon Steel head office - that runs the world Nippon Steel Operation|
BlueScope Distribution $160 million,I can eventually see BlueScope as an Australian company operating world wide and supplying Australia but not operating here! The management overload will finally be broken along with all of BlueScope workers in factories, smelters, distribution areas, rollforming and administration!
CIPA approximately $135 million,
BlueScope Lysaght approximately $10 million,
BlueScope Water approximately $5 million.
Well done by the Management of BlueScope, Unions involved and the ALP/Greens government in Australia to finally shaft the last iconic name in Australia!
Finally look at these statements and pick the persons who quoted them!
- If one job is lost......
- The Steel Transformation package.....
- It'll only cost a sausage sandwich a week...
- Someone stole my credit card.......
- The Australian dollar is the problem........
- It wasn't our fault.......