MT may appear cheap but steel is a highly competitive, impossible to differentiate industry that won't deliver good returns. In MT's history they have retained nearly $30 billion of earnings forming a company with a value of $23 billion. This is all you need to know, its best to move on to a company with a competive advantage.
Not sure what you argument is here - is it the sector or the company you have an issue with? MT is still one of the most vertically integrated and profitable in the industry despite a few bad quarters and they are working to improve those margins. The industry as whole is ripe for consolidation as the weaker competitors fall further behind and this would only benefit MT and improve margins further.