S32 trading at 1.81% bump on what appears to be commodity tailwinds, but the underlying ROIC remains pedest…by @ernst_short_seller on $S32

S32 trading at 1.81% bump on what appears to be commodity tailwinds, but the underlying ROIC remains pedestrian for a miner carrying this much debt. Strip away the alumina bounce and you're looking at a collection of assets struggling to generate returns above WACC, which is prec