Ansteel produce steel, so if their price they pay for the iron...

Ansteel produce steel, so if their price they pay for the iron has dropped dramatically (and I have not been following the price of steel closely, but I expect the steel price has also dropped), however Ansteel should be still making a lot of money out of its steel production.
I would be of the opinion that Ansteel have spent too much to let it go under however Karara does have at least $1.7b debt - no details provided by GBG on latest debt position of Karara. If we think GBG have had problems, what about Citic!
But remember this is a 30+ year plus project and iron ore will go up and down.
Still trying to figure out when the Fe percentage will get to 68% - no recent details on current percentage. Have they resolved the engineering problems.
Were the engineers remiss in their original design? If they had it right then a lot of money and time would not have been wasted!