The excuses are genuine in that if one carts steel around, and...

The excuses are genuine in that if one carts steel around, and the steel monger's business shrinks, then the carter's business will shrink, and likewise for similar KSC customers - if their business slumps, it hurts KSC.

The trick it seems is to find customers whose products are less prone to boom-slump conditions - e.g., food and drink, or to have enough variety to have something booming while other things recede. This is what I read into some of the stuff written about Lindsay Fox - see:

http://www.fatcat.com.au/news/home/Millionaire+Mindset/325_0.html

Of course, because Lindsay Fox's business is not listed, we cannot actually check its metrics. Also, the two businesses have different profiles, so comparison is not easy.

Anyhow, I presume KSC's MD, Legh Winser, knows all this, and is on course to fix the company (slump-proof KSC). The fact that Mr Windser invested $862,500 to buy 528,000 KSC shares in March and April 2011, suggests to me that he thinks KSC will come good. I hold, and trust that he does just that.