Steel is in a recession of its own making. There is a glut of steel with MT owning a basket of mills many in E.Europe/France that need to be updated/closed. In brief ,steel is in a major recession. During such times stock prices collapse. The Low is uually between 10-12 percent of the high for MT and 8-10% for other N.A steels.
The stock will rccover very steeply with best gains after 12 mths of the low which we have not yet reached.
First of all, if anyone counts on the advise from this board to make investment decision, then playing stock market may not be your game. As for me, I started buying today and will contiunue to buy for the next few days if it continue to go lower. I believe this is a coordinated short attack and they will eventually have to cover. It looks like a overkilled and money making opportunity. Good luck to you.
Best advice is don't buy stocks if it makes you sick to hold them. Hold it, sell it, short it or simply stay out of it, but nobody here can tell you what is going to happen, because nobody knows....there are, after all, only two types of investors: those that don't know, and those that don't know that they don't know. Anyone tells you differently is full of schitt. The good thing is, a stock can only go down to zero, but can go up forever...rotsa ruck.