You'd be hard-pressed to find a steel stock that has done worse since my last favorable write-up on ArcelorMittal (NYSE:MT). The shares are down about 13% since then, about as much as Latin American steel companies Ternium (NYSE:TX) and Gerdau (NYSE:GGB), but worse than Nucor (NYSE:NUE) and much, much worse than Steel Dynamics (NASDAQ:STLD), AK Steel (NYSE:AKS), and U.S. Steel (NYSE:X).
That ArcelorMittal is underperforming AK Steel and U.S. Steel isn't shocking to me; less efficient players like U.S. Steel and AK Steel do better in recovering markets and both of those companies are more highly leveraged to the U.S. market (one of the stronger steel...
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