The real estate alone supports the market cap with out the inprovements,7000 acres of industrial zone. Over 7 million square feet under roof, what would the replacement cost be? 4 to 6 billion. Then there is the machinery and material on hand. Then we have a state of the art finish mill with-in 50 miles or so of 2 large car assembly plants, GM at Bowlingreen, Ky and Toyota at Princeton, Ind. This is just a few of the reasons I believe AK is way undervalued. "Steel is hot and the dollar is loosing value".
Replacement cost, It is all about what it would cost to replace AK's land, buildings and equipment at todays cost, you would have to multiply that 2.2 by at least 4 or 5 to get near the true value. That is the way I see it. If you built a house 1980 for $100.000 you wouldn't sell to day for that.