"The steel stocks tend to go through boom and bust cycles depending on global economic activity; they have been pummeled over the last year, as the global economy slowed," notes turnaround expert George Putnam.
In his The Turnaround Letter, he explains, "But the news about steel is not all bad." Indeed, he believes some steel companies are poised for a turnaround. Here's his review of 6 leading steel production companies.
"Weakness in two big steel consuming industries, autos and construction, has been particularly troublesome for the steelmakers.
"However, there is evidence that steel inventories are gradually being worked off to low levels. There are also signs that economic activity in China, which is a huge consumer of steel, will not fall off as far as some economists initially feared.
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