There was a tinge of sadness at the Smorgon Steel shareholders meeting in Melbourne this morning when the company that famously took on BHP’s steel monopoly in 1981 voted to be carved up by the Big Australian’s two steel offshoots.

With a current share price of $2.75, up from a low of 60c in 2001, it was no surprise that 99.7% of the Smorgon Steel proxies were in favour of merging with Onesteel and selling its distribution business to Bluescope Steel for $700 million.