Buying and selling incrementally is a good strategy. I know metal industry has problem mainly because the economy around the world is not that good. Hopefully it will turn around not in a distant future. I am looking forward to buy more shares.
Results are not good but not sure how much of that is due to restructuring....EBITDA came in slightly above target which is a good sign. I just read that the dividend slash is being proposed and not already inked. It's hard to get an accurate picture without listening to the CC but it looks like operating performance is actually not bad. Still, who knows what the market will do and I agree a .20 dividend makes this stock less attractive.
I would much rather have the $1Billion paying down debt and shoring up the balance sheet than creating foreign tax withholding. Says a lot about the philosophy of management when they are willing to cut the dividend before the near insolvency.