To whatever extent I’m grudgingly interested in steel stocks today, it’s
because some of the valuations appear to be pricing in bleak
near-to-medium-term scenarios that don’t seem to fit with what is
actually going on in the world (and that’s from someone who is pretty
bearish relative to consensus). Unfortunately, Acerinox (OTCPK:ANIOY) (ACX.MC)
doesn’t seem to offer that same margin of safety today. I continue to
believe this is a well-run leader in stainless steel, but steel price
momentum looks weak, several end-markets are softening, and the
valuation isn’t really pricing in doom, gloom, or boom.
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Acerniox Not Really At 'Can't Miss' Levels
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