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Scott...I too am concerned, not so much by the price erosion itself, but because of what appear to be some of the reasons for it. For me (and I don't think I'm alone in this), the main thing is that I no longer have a clear sense of where the company is or what its real prospects are. The company seems to have chosen to issue only partial/minimal information and to NOT carry on an open dialog with its shareholders, at least "smaller" ones, such as me. Yes, it seems some progress is being made, and yet I have major questions such as: How much SS is the company producing? Where does production stand relative to the 2 contracts the company has...and what exactly do the terms of those contracts call for in terms of production? Are we producing as much as they call for? And if less, why? What, REALLY, is going on with the new mill? Why the repeated delays...and when REALLY will it be online? What, in the company's view, are the real prospects/reasonable expectations for Nuovinox in the next year? Has the company had to revise it's basic business plan in a significant way (it seems YES), and if yes, why is that not being communicated to the shareholders? I could go on and on. The major point here is that while my motives are to both be positive about the company (and, of course to make money), the company is making the former increasingly difficult to do.
I truly hope Friday's annual meeting reveals the answers to these and other questions that many of us seem to be asking. And if anyone can provide any info before then, I'd be most grateful.
looking forward to better days...
Chris Horner |
