US Steel (X) is looking attractive at $22. The steelmaker is expected to earn $5.40 per share in 2010 which means the stock is trading at 4 times next years earnings. The industry average for steel companies is 7.5 which would value US Steel at $40.50.
Alcoa (AA) is interesting at $6 per share. Analysts expect .60 per share earnings for next year which would place a multiple of 10 on Alcoa. The scary thing about Alcoa is that the company may have negative earnings if aluminum prices stay cheap.
AK Steel (AKS) looks like at a takeover target at its current price. The company has a decent balance sheet and currently trades at $6.68. 2010 earnings are expected to come in around $1.70. It might be worth buying in the mid 5’s.