http://investorshangout.com/images/MYImages/515031

some of the inventory is awaiting better iron prices

longer term they are no doubt working on the April 2012 etc PR's beneficiation, fertilizer and pellet angles to create profitability in this price environment-
pelletized fert was said to bring over 300/ton as per bingo couple years ago -pelletized iron is also a possibility-bringing a higher price than regular iron

like hitting a moving target-as per 2011-2012 company communications, those things had been planned, but now those things will have to be moved to the priority status category