RE:RE:Now what?I dont think the NCIB will impact the share price much at least in the short term. It's all being driven by steel prices. I got out at 42 on Monday last week (and posted about my exit on the same day). I'm not a buyer again at these levels yet. I'm not short either but waiting for an attractive long entry price. Algoma also gave a warning 3 days ago about lower steel shipments so it might be a industry wide slowdown. Will need to wait until some US firms report before Stelco to see. Also seems like my prediction that the NCIB was a pre-emptive move was right....I just didn't think Stelco was doing the NCIB to be ready when they themselves were going to cause the stock to drop a few weeks later. All the while steel futures are dropping (And I expect them to continue). Two months ago, you couldn't get a tonne of steel for 1,000 USD unless you bought the October 2022 contract. That has been pulled forward to June 2022. I expect sometime this quarter it will fall below 1,000. Depending on how fast steel drops versus the share price will determine my entry point. But at these steel price levels, I would buy at 34. If there is some overall market volatility thay would be helpful. But if steel drops quickly, I will also adjust my purchase price down.
extremerisk wrote: I don't think the 7 million shares have been taken up. Not enough volume except that one day. Looks like this will fall short of their target. It still looks unusual to be. If bedrock wants to sell to pursue maybe higher alpha opportunities why not just sell a little every day into the market rather than agree to sell at $31?? Only 9 trading days left. Could be kestenbaum was betting on a big market swoon that looks like will not happen now given chair Powell comments and federal reserve and ongoing covid threat. I was waiting to buy more but may need to bite the bullet and just jump in now. Suspect great earnings and cash flows to be reported in mid Feb