I'm afraid the idea that they wouldn't have invested all this...

I'm afraid the idea that they wouldn't have invested all this money in the project if it wasn't going to work doesn't wash.

A bit like posters on Hotcopper saying about a wealthy investor or an insto "XYZ isn't putting all this money into XYZ stock to lose money".

The best laid plans go wrong, especially when there is a high degree of pricing and execution risk with this project.

That said, the market has not completely capitulated on its valuation of ATI, so there is still something to salvage if one is a seller, as well as upside if if one is a buyer and they can come through.

My bet would be on the sell side.