Australia's biggest steel maker, BlueScope Steel is planning a major statement at the end of the month to update the market about its outlook.
The company's shares have taken a bit of a hammering in recent months because of the appreciation of the Australian dollar and the impact of that on BlueScope's (BSL) large US dollar income.
The shares have fallen from a high of $12.65 around May this year to a low of $9.60 only a day or so ago.
Yesterday BSL shares rose 59c to $10.19.
The company said newish CEO, Paul O'Malley "will address the market on 29th November to discuss the Company's new approach to doing business."
Presumably that's something newer than making products at a certain cost and selling them at a profit.
Why shareholders, the owners of the company, were denied the pleasure of hearing of the new approach and associated insights, wasn't explained at the AGM.
Some commentary on how the recently acquired Smorgon assets were operating might have been helpful, and more disclosure on the impact of the strong Aussie dollar might have also gone some way to meeting the worries in the market about BSL's exposure to currency moves.
It does seem passing odd that a company that says all the right things about sustainability, shareholder value and the like, has muffed a perfect opportunity at the AGM to brief shareholders.
The AGM yesterday heard that the first four months of the current financial year were "in line with our expectations with strong operational performance across all businesses and a positive contribution to earnings from the sale of its Smorgon Steel shares."
Chairman Graham Kraehe told the meeting that "the first four months of this year has been in line with expectation and consistent with our comments in August at the annual results presentation. We have had continued strong operational performance across our businesses.
"Since year end, we have had continued strong operational performance across all of our businesses and there has been a positive contribution to earnings from the sale of shares in Smorgon Steel. The new Smorgon Distribution business is being integrated successfully.
"I'm pleased to report that the established Asian businesses continue to produce stable earnings. Indonesia continues to perform well.
"The Thai election, scheduled for December, should see improved business sentiment and stronger construction activity in the second half in Thailand.
"The financial performance of our new midstream operations in China has been affected by margin squeeze and intense competition. We have identified specific opportunities to improve our downstream businesses in China.
"The recent organisation restructure indicates the additional focus Paul O'Malley will place on Asia and, in particular, China."
"The financial performance of our new midstream operations in China has been affected by margin squeeze and intense competition. We have identified specific opportunities to improve our downstream businesses in China. The recent organisation restructure indicates the additional focus Paul O'Malley will place on Asia and, in particular, China.
"In our steelmaking businesses, Kembla Steelworks traded in line with our expectations, but was negatively impacted by a higher export mix and an increase in raw material costs, while the hot rolled coil to scrap spread at North Star in the United States declined to lower levels.
"Performance for the full year will be influenced by hot rolled coil prices and the exchange rate. We don't provide forecasts for either of these factors, but we do outline the earnings sensitivities to these factors when we report our half-year and full-year results.
"We are excited by the business improvement opportunities being developed by Paul O'Malley and his team. Paul will make some further comments at an analyst presentation scheduled for 29th November. This information will be available to all shareholders via our website.
Mr O'Malley told the meeting: "Factors that could have a bearing on our second half results are the potential for stronger global steel prices and improving domestic sales versus the continued strong Australian dollar and a return to higher zinc costs. We will provide a further market update at the time of releasing the half year results in February."
