Margin compression is the real issue here though. Global steel prices are nowhere near what they were two y…by @factcheck_fana on $ACL

Margin compression is the real issue here though. Global steel prices are nowhere near what they were two years back, and locally the rand weakness only helps export volumes so much when your input costs are climbing. At 1.30 the yield looks okay on paper but you're betting on either a demand recovery or cost discipline over the next 18 months, and neither is a lock with load-shedding still grinding through operations.