ADO (ASX) Batteries

Originally posted by Stockcount ↑

Originally posted by slippin
In 1973 I was a naive 19 year old and had just started work with Mt. Newman Mining Company in Port Hedland. We spent the first two days learning about the company and the mining and shipping of iron ore.

During this time I asked why we aren't turning iron ore into steel ourselves. I remember the condescending looks but essentially it came down to money. Nobody was willing to borrow the money to build steel mills in the Pilbara. As far as our politicians were concerned the Pilbara was an outpost and if they could make a bit of money from it, fine.

Now I'm turning 65 and I have an idea why we throw away our opportunities. We talk about Aussie grit and determination and drive but unfortunately it's just that, talk. Politicians are more concerned with the next election than making our country successful. We have a myopic view and are so concerned with cutting costs that we've lost any vision of what is possible and I can't see that changing anytime soon.
It shouldn't be up to the govt. They can make it more attractive, with tax incentives, generous depreciation schedules, R&D grants etc. but the capital has to come from business.

Anyway, we had BHP making steel for decades in Australia.

Then the chinese started making it and selling it here at half the price ! BHP closed it down for business reasons, after losing money for years. That is where the steel industry has gone.

The price we pay for open markets. But does china open there markets to us ? I dont think so. They even keep there currency down. I hate trump but I like the way he is standing up to china on IP, tariffs and putting pressure on currency manipulation. Arresting that exec in canada was about time, after the australian execs that have been arrested and thrown in jail for years. Im loving seeing the Chinese complain about the western legal system, when the fairness of there system doesn't even come close, not a tenth ! as fair as ours !

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"Then the chinese started making it and selling it here at half the price ! BHP closed it down for business reasons, after losing money for years. That is where the steel industry has gone."

Where do you think China gets its iron ore from? Why did the steel making become unprofitable? Lack of investment for decades, that's why. It was a commercial decision where the long term plan was to allow the industry to fall into disrepair.

BHP does not own the iron ore. They are given the right to mine it. Basically they should be told to build steel making in the Pilbara or lose their right to mine.

But Australian politicians are too busy sucking up to multi nationals to give a damn about the future of our country.

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(20min delay)
Last 2.1¢		Change 0.000(0.00%)		Mkt cap ! $54.77M

Open	High	Low	Value	Volume
2.0¢	2.1¢	2.0¢	$1.618K	78.27K

"Then the chinese started making it and selling it here at half...

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