Contrarian is Right!You cannot deny the financial facts. Each $1 change in the price of nickel means an approximate $50m change in cash flow. That is real torque and when it is a positive price change it accrues to the benefit of the shareholder. What the market worries about and when it decides to award the shares a higher price as a result of that financial fact is yet to be seen.
Personally I'm waiting for a receivables deal announcement. While I too would like to see some of that cash allocated to the repurchase of shares, the Board will allocate it to the repurchase of the bonds instead. That is because the responsibility of a Board member is to the corporation itself and not to any particular group of stakeholders. The immediate threat to the corporation is an approximate 3 year out debt maturity. So that is where the cash will go.