Player Avatar athenamike (74.87) Submitted: 10/15/2012 11:36:19 AM : Outperform Start Price: $14.10 MT Score: -56.01

Largest integrated steel manufacturer in the world can probably weather the storm in steel prices and grow again when the global economy recovers. High debt level, over-capacity from Asia, and economic problems in Europe are all risks, but this has been over-discounted in the price. Broad geographic and product diversification, higher grade steel, and verticle integration provide some protection on the downside. Probably selling at 5x normalized earnings.

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