Should i buy onesteel shares
Mike King December 10, More on: ARI saw its share price rise Overnight, spot iron ore prices rose 1. But bargain hunters are likely to have swallowed a bee rather than a bargain.
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In simple terms, Arrium is making a loss on its iron ore operations. BCI put its shares into a trading halt today until it decides what to do with its Nullagine joint venture with Fortescue Metals Group Limited ASX: Arrium also has another couple of problems.
The company itself says that Asian steel prices and margins are at year lows, and most steel mills in China and South-East Asia are running at a loss. Arrium also makes mining consumables including grinding media for mining operations.
Arrium Limited (ARI) - Australian Stock Market - InvestSMART
That will reduce the market for its mining consumables. The company announced it was undertaking a strategic review of its operations in June this year, which is yet to be completed. A sale of the mining consumables business was mooted, but again, nothing has been announced as yet, and would buyers still be interested in this environment? Back in February , when Arrium was trading as OneSteel, I wrote that the company was jumping out of the frying pan and into the fire when it announced it was entering the iron ore mining sector.
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