I do not think they did anything wrong. The profit for this sale is only $15-$20m compared to the $100+++m written down. It will be worse if they had not written down.
Probably wrong when they withhold the high pulp prices and weak market conditions for too long before release to the market. Looking back, the impairment probably should have been better judged back in Feb before the CEO Peter Diplaris resigned.
AHY Price at posting:
92.5¢ Sentiment: None Disclosure: Not Held
