Agreed - if someone is comparing this to BLY & MRM they're...

Agreed - if someone is comparing this to BLY & MRM they're clearly not doing that. The debt levels are still conservative, they've purchased asset based businesses with the debt that are positioned in (relatively) low risk parts of the supply chain that attract higher margins than their traditional business.

Even with the downturn in iron ore they're more likely to pick up more work in this environment as the miners casualize their workforce to insulate themselves from redundancies and allow them to scale their workforces up & down quickly.