Savvy Trades and Investments

[maxluke1]

ASTL - a special situation here: substantial issuer bid.

They are trying to buy back a massive amount of the shares with this $400 million substantial issuer bid (~25% of the outstanding shares) . They set an offer range between 8.75 to 10.25 and I'm wondering if they are going to have to raise it. Most folks are underwater or have a very small gain at these prices.

IPCO.TO/IPCFF had to raise the offer range recently and I'm wondering if ASTL might have to do the same. I bought a few around 9 and have a larger bid closer to 8.75 and plan on seeing how this goes over the next couple of weeks.

It's one of the cheapest steel producers on an earnings basis. Probably because they are in Canada. A decent value play if you think steel prices hold up over the next little while.