Monday, August 19, 2013

BlueScope spend One Tenth of a Billion Dollars. Must be doing well.

BlueScope Spent One Tenth of a Billion Dollars today.

It is actually $109.2 million but what's $9.2 million when you talk Billions.

Another addition to BlueScope.

  1. The first information of this spend was bought about by this comment below from obviously a Fielders current employee who is not particularly happy. But they will be looked after by Fielders after receiving $87.5 million for Fielders, but there's more, you also get Orrcon thrown in for free. Or is it the other way round. Which ever is the case, Hills picked up a lazy $87.5 million for their steel business in the form of Fielders and Orrcon and shareholders loved it, finally Ted Pretty has Hills under control and shares jumped to $1.435 (over 11%).                                                                                                                                                                                                                    AnonymousMonday, August 19, 2013Fielders have sold to Bluescope! Surely this breaches the monopoly laws, how can they get away with that. Meanwhile Fielders expects all its staff to stay loyal while they probably make plans to sack us all and close us down by January 2014. The loyalty all of the workers have given to Fielders in the end meant nothing, we all got shafted
  2. Item 1 was for $87.5 million for two of Hills steel business modules, but where is the other $21.7 million from. Well that's for the nine executives as per the following: The chief executive, Paul O’Malley received a salary package totalling a handy $5.1 million in the year to June, up from $2.8 million a year earlier. As well, the board decided that after a three year freeze on his base-pay, the board has agreed to a 3 per cent rise. Between them the top nine executives pocketed $21.7 million, up from $16.4 million a year earlier.

Some of the info is available from Generous Pay Rise for BlueScope execs.

This is for BlueScope Shareholders:

BlueScope shares plunged more than 12 per cent today after the steelmaker posted a sharply lower year to June net loss of $84.1 million as redundancy and restructuring charges declined. That compares to its $1.04 billion loss in 2011-12.
BlueScope shares were 12.6 per cent lower at $4.79 in afternoon trade.
The reason for a $109.2 million spend is..... well for one they picked up two steel businesses for the price of less than one. Maybe the purchase will yield results, especially when they control one more rollformer for their BlueScope product.

Who knows what September the 7th will bring?

I was going to place a photo of Paul O'Malley and an Australian Prime Minister here, but all I could find was photos of Paul in Asia and USA. Well at least they are making profit over there. How long before BlueScope is listed on an Asian stock exchange?

18 comments:

  1. Anonymous

    Monday, August 19, 2013

    Fielders have sold to Bluescope! Surely this breaches the monopoly laws, how can they get away with that.

    Meanwhile Fielders expects all its staff to stay loyal while they probably make plans to sack us all and close us down by January 2014.

    The loyalty all of the workers have given to Fielders in the end, meant nothing, we all got shafted.

    I placed this here from an old thread that many would not see.

    Thanks for the tip and hope everything works out for you.

    The Roofer.

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  2. cant believe bluescope made such a smart decision. fielders employees should embrace the move. hills ran your business into the ground, bluescope will take it and themselves back to being the market leader.

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  3. Ahhh.....like they do with Lysaght....oh and who can forget Metalcorp....and....
    Fielders and Orrcon employees, we are about to encounter some turbulence....please remain seated and fasten your seatbelts (or should that be parachutes).

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  5. Beware of the rise of the little guys or beware the might of Flysaght ?

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  6. Finish on top with Flysaght ? Works for me !

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  8. Flysaght hahaha.

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  9. As a long time Fielders employee I am very happy with the news of the buyout and a lot more confident about the future this will bring for Fielders.

    Staff who think this move is bad for Fielders seem to have missed the point of the benefits the sale brings to us, bluescope hasn't bought Fielders to shut it down

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    Replies
    1. Bluescope have just picked up a huge lot of innovation they can use in lysaght worldwide, a very good deal for them. Plus 250, 000 more tonnes safely away from imports.

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  10. The main reason they have bought them is to take out a potential vehicle for imported steel. If someone purchased it as a channel to distribute imported steel then BS would lose sales and margin (due to further pressure on their prices).
    Turning that around, for an investment of $87M they get sales of $500M a year which is mainly steel from their upstream mills. Therefore they make a manufacturing profit on about $250M pa of steel while protecting themselves further from quality imports at a lower price (which would have affected the price on all their CURRENT sales to everyone).

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  11. Ah the 3 stooges (CG;NW;TP) came over here and slaughtered the business and all the good people in it. Prepare to be judged for your war crimes

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    1. The business had already been slaughtered by the previous management, some of the above mentioned people have help lead the recovery

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    2. Hills slaughtered 2 very strong businesses and Bluescope didn't have to pay one cent goodwill for all the innovations and $500m of sales. Deal of the century for the men in blue !

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    3. BSl would have offered a wrotten apple for the previous team!Fielders has been for sale 4 years with no takers, the dead weights are gone and the business sells....

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    4. you of little knowledge.. or one of the above mentioned, again with little knowledge. Hills started the slaughter and they also employed those 3 to finish the job. The only funny side is one came from the new owners to go to fielders and is soon to meet the same fate as they bestowed upon others.. as for leading a recovery how many customers have actually gone back to this company that is what will be the proof
      it also sold for a fraction of its worth and original price, maybe with the previous people gone and the current monkeys running it, it is now worth less

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  12. The Hills Board has written off and lost $250million of asset value yet no one has made them accountable. WTF ?

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  13. You of NO KNOWLEDGE with the stench of bitterness, whilst the customers might be yet to return the morale and adherent to processes that enable the great service level fielders was previously known for has started to return and in turn this will bring the customers back.

    Lost some good people along the way but also managed to get rid of the people that dragged the company down, now with a new supportive owner competitors beware as the sleeping giant is awakening...

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