my guess is that when you look at the steel sector in general all stocks are basically down. If you track the steel sector in tickerspy you will see only 3 stocks in the entire steel sector in the green today.
Add in that it is in Brazil which may have hit a technical recession 3rd/4th quarter of last year and the so called slow down in china has all weighted on commodity stocks and countries heavily dependent on there exports.
Once global growth shows a few surprises to the upside and Brazil does 1 or two positives this should take off again. Needed a breather after the rise from last July till November.
I see controlled walkups and walkdowns going on all day long. Let it run a little and reshort is all that's happening, even after an upgrade from BAML. Great stock with great fundamentals. We need a shortsqueeze to start, and this is so oversold, it should be epic.