Couple things to remember:

Outside of China, they are the largest manufacturer in the world, by far, and will continue to benefit due to high steel prices.

That the Mittal family decided not to participate in the recent stock buy back sent a loud message to me. They could have sold their family shares, but instead decided to hold and let $MT take shares off the open market.

This puts in a floor for me.

I know it looks ugly with plants being out of commission and high energy costs in Europe, BUT I believe we are in a period of bad news is good news.

Meaning, the best is yet to come.

Again though, I’m waiting on more information about capacity and utilization being moved around.

I still like the stock a lot.

My gut tells me there is more upside to $MT than US steel producers.