wow, I have Worked in the steel industry over 40 years and have watched the market tank and then rise again, after the last steel contract mt will rise again, so I cn say that I expect it to go up now. Heck the owner spent over 60 million of his money on his daughter's wedding, what is 331 million to the largest steel mill in the world.
Arcellor Mittal has a about a 0.5 debt to asset ratio most companies are like that. The loss for q1 is 341 million, if we take into account the money allocated to depreciation, the company is profitable. Debt is the last reason why you shouldnt buy this company it is a good company if not for the legal issues brought buy the EU countries, even with those issue MT is undervalued it might drop to 12 but once it takes of it will go by a huge amount 50-60%.
I agree that the debt load is not excessively high and that once the stock takes off it will go much higher than its eventual low, whether it has been made or still to come.
The problem is that steel prices are still falling and it is unclear where it will stop and where new demand will come from. The cycles in the steel business have a tendency to be very long, you need a lot of patience to stick with a steel producer thru a full cycle.