To me the drawback to BSL is the lack of dividend (yield 1%) due...

To me the drawback to BSL is the lack of dividend (yield 1%) due to no franking credits and with the major writedowns a few years ago it still may be a year or two before BSL pays corporate tax in Australia. The Global steel price dropped significantly in the second half of last year and I feel that investors believed it would fall further( Death Spiral) however half of that fall has been recovered in 2019. If the global steel supply/demand volumes remain reasonably balanced over the next couple of years hopefully patience will be rewarded once BSL builds some franking credits and the effects of all of buybacks can be realised.