RE:RE:If they're gona buy back stock...
Could not agree more with the buying back more shares since they will be very close to trading at cash value by the end of the year.
To think, if I had the credit and reputation, I could walk into my friendly bankers office without a penny to my name, ask for a substantial loan to purchase the company and promise to pay it back with the cash on the balance sheet. Then, if all the stars align I could become a multi millionaire in less than a year if the current pricing holds up. Heck, if I was smart and less greedy I could hedge the price of the commodity to make sure I turned into a millionaire. One can dream!!!
On a side note, another Canadian stellemaker has introduced a SIB and priced it similarly to STLC when they did theirs. It may be an opportunity to make an "easy" 10% to 20% if the take rate was as low as STLC's.
Steel companies both in Canada and the US still expect to make good money from this quarter so keeping my fingers crossed that any predicted recession won't affect the industry too badly.
GLTA