OK so a finger in the air test ..... what if FMG earnings is cut by 50% and dividend payout cut by 75%?

FMG PE = 8

FMG div = 5%

Those numbers are still very attractive for a top teir company who actually has customers, supply chains, internal systems etc setup.

And if the developed economies look like they are moving into collapse, govts are going into infrastructure spending... so they need steel.  Might not be China making majority of the steel, but I don't believe the world is going to stop needing iron ore in the near future.

I'm in SM & RL.