Comparative review

For the past decade or so, deciding what recommendation to put on BlueScope Steel has been an easy one—it’s an extremely tough, capital-intensive business and it was horrendously overpriced. The call is no longer easy. The business is still tough but the stock is no longer clearly overpriced. In fact, it looks quite cheap, and the business appears well advanced in its turnaround from both an operational and financial perspective. Over the past few years, the company has raised capital and paid down debt, restructured its operations away from exports (where it held no business edge) and taken some...

For the past decade or so, deciding what recommendation to put on BlueScope Steel has been an easy one—it’s an extremely tough, capital-intensive business and it was horrendously overpriced. The call is no longer easy. The business is still tough but the stock is no longer clearly overpriced. In fact, it looks quite cheap, and the business appears well advanced in its turnaround from both an operational and financial perspective.

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