Stock price when the opinion was issued
This is very whippy, and he wouldn’t want you to be overly focused and concentrated in such an idiosyncratic name. Steel names are not his favourite. The chart indicates it has been very challenged. Fundamentally, they have had some earnings misses and are more often missing then they are hitting. There are much greener pastures elsewhere.
The US steel market has been glutted for years. Then the US government enacted anti-dumping legislation for the US. When you look at steel, it is an infrastructure investment in a protected environment. This is a strong company and there is plenty of upside in steel.