Financial Commentary - who gives a fig?, page-56

Condition of the FIRB is that the Buyer must Upgrade the blast Furnace and generate some electricity for South Australia.

IMO thats the reason why the Government allowed Steel dumping into Australia, and thats to crush Arrium so it goes to Administration and then firesaled to an overseas buyer. So then the Government could dictate terms in the FIRB.

In other words, The Government had a political Objective to fast track an upgrade and fast track investment into Whyalla.

The Only way that was going to happen is if the Government had control of the Company owner.

The Government couldnt dictate those terms while ARI was still in the hands of Shareholders.

So that explains the steel dumping and then the tarriffs placed on steel just 2 weeks after Administration.

Because the Political Objective of the SA Government and the federal Government had been achieved as soon as Arrium placed in admin.

Now the Government could dictate the terms it wanted in the FIRB, Thus securing the Plant upgrades that were the Political Objective long before ARI went into admin.

That explains why the Government had beer Goggles on allowing steel Dumping and then aparantly only just realised it was hurting the Industry 2 weeks after ARI went into Admin.

I wouldnt mind betting BSL shares were bought in the future fund just before the tarriffs went on Steel imports as well.