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From The Australian:
Concerns over the future of Arrium have escalated after a cash bleed from its Whyalla steelworks and iron ore mining operations saw net debt balloon to more than $2 billion in the December half.
Hopes that the company — now with a smashed market capitalisation of only $140 million — could put in a quick debt fix by selling its profitable mining consumables (grinding media) business for more than $1.5bn have also been dashed.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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