The Balance sheet only reflects tangible debt. They don't mention intangible debt which may be nearly as much. The Co owns plants which have environmental liabilities . Some cannot be closed down as the Unions are protected by friendly Govts.
The Co. needs to take a write down and sort out the uneconomical plants . I don't foresee any upside till the end of this decade when steel prices are expected to rise.
MT aint going any where. Lots of debt, 15% obsolete mills that cannot be closed out due to unions/Govts.& nepotism within Mgmt.
Its turn may come if price increases by 30% which is not likely for the next decade.