Last 5 yrs.PE average for CLF has been 12. I invested when the scare articles were rampant. Bought my position in the $16-$17 range, and have been collecting the dividend while waiting. I remember buying the last lot when Goldman came out saying to sell with a target of someting like $15. I figured that was the bottom. I'm happy with my return, and will continue to hold, as I only see upside from here.