Nose, I had a bit of look at Mesabi nuggets IMTK3 latest reports. The plant is improving. They are constantly modifying and maintain the plant on regular intervals, so constant shut-downs and maintainence expenses. It is like Microsoft roll out Windows 95 from Windows 3.11... crashes and problems.
The plant is running 80% of time recently (massive improvement), aiming for 90%. They are looking at profit in 2014, so still a few years away for FWL.
Just don't be the first one to test run it. Learn from their mistakes and follow their modifications. However, Nose it will take few more years before Mesabi gets it right.
Mesabi nuggest start up was in 2010 according to Steel Dynamics, so not 6 yrs as you said NOSE. And 2011 only produced 100,000 tons (capacity 500Kt), so of course in the beginning with only 100kt it was running at a loss. But once reached close to 500kt, with right modifications it should be in profit in 2014.
Kobe Steel (maker of IMTK3) is also 19% owner of Mesabi IMTK3. May be FWL should also ask Kobe Steel for investments in MPI project.
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