Lot of angry shareholders dumping shares. The dividend slash was drastic and that is what i believe is causing the enormous reaction. Essentially they screwed existing shareholders in favor of the new ones able to buy in at the lower price in order to make the balance sheet look better.
The irony is that if steel prices continue to rise (albeit slowly) next quarter will likely show some nice improvement. By writing off everything but the kitchen sink they are positioning for an improving economy in second half 2013 and forward. I bot a lot today to average down. I don't think we'll break the 52wk low, but nothing would surprise me here. Good luck all!