Rational Investing

Steel & Iron

	Total Market Capitalization of All Firms	$516,810 mm
	Average Market Capitalization	$16,150 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.0
	Standard Deviation of MM Ratio	0.7
	Average Beta	1.4
	Average EV To Revenue	1.5
	Average EV To EBITDAM	18.5
	Average Price To Free Cash Flow	18.5

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
ZEUS	Olympic Steel Inc.	3.73	381	0.3	34.7	26.3	16	1.9	Mar 19
CLF	Cleveland-Cliffs Inc.	2.71	11,466	2.9	23	13.0	215	2.1	Mar 21
ATI	Allegheny Technologies Inc	2.55	3,013	1.8	23.7	24.0	3	1.8	Mar 21
X	United States Steel Corp	2.31	7,483	1.8	27.8	30.5	11	2.1	Mar 21
SZG.DE	Salzgitter AG	1.53	1,828	0.7	27.9	24.2	5	1.6	Mar 21
2002.TW	China Steel Corporation	1.36	21,244	2.6	37.3	40	9	1.0	Mar 21
GGB	Gerdau SA	1.32	10,785	1.5	6.3	7.1	22	1.1	Mar 21
SIM	Grupo Simec SAB de CV (ADR)	1.17	4,039	2.0	24.6	15.9	24	0.6	Dec 20
MT	Arcelor Mittal	1.13	36,468	0.9	32.6	40	9	2.0	Mar 21
TEN.MI	tenaris SA	1.06	13,664	2.6	9.6	13.0	8	1.4	Mar 21
TS	Tenaris Sa	1.06	13,600	2.6	16.8	13.1	9	1.4	Mar 21
SCHN	Schnitzer Steel Industries Inc	1.02	1,528	0.7	23.4	12.6	27	1.4	Feb 21
STLD	Steel Dynamics Inc	0.90	14,304	1.6	64.4	45.6	33	1.4	Mar 21
5471	Daido Steel Co Ltd	0.88	2,233	0.5	20.1	13.3	10	1.5	Mar 21
VOE.VI	Voestalpine Ag	0.88	7,631	1.0	10.3	7.6	6	0.7	Dec 20
NUE	Nucor Corp	0.87	31,812	1.5	11.9	7.8	20	1.4	Mar 21
RS	Reliance Steel & Aluminum Co.	0.84	11,007	1.2	12.9	8.7	19	1.1	Mar 21
WOR	Worthington Industries Inc	0.84	3,708	1.3	16.4	11.6	7	1.1	Feb 21
TX	Ternium S.a.	0.83	73,282	7.3	4.8	32.9	18	1.3	Mar 21
5401	Nippon Steel Corporation	0.80	16,878	0.5	8.4	6.1	5	1.6	Mar 21
004020.KS	Hyundai Steel Company	0.79	6,047	0.7	6.1	10.6	6	1.5	Mar 21
APAM.AS	Aperam SA	0.75	4,604	1.1	47.5	19.6	30	1.9	Mar 21
MT.AS	ArcelorMittal SA	0.74	39,753	1.0	17.9	8.0	1	2.0	Dec 20
SSAB-A.ST	SSAB AB	0.74	5,379	0.3	20.9	11.5	6	1.4	Dec 20
CMC	Commercial Metals Co.	0.69	4,002	0.9	12.3	9.0	6	1.2	Feb 21
FXPO.L	Ferrexpo	0.61	3,739	2.1	4.5	40	14	1.3	Dec 20
EVR.L	EVRAZ plc	0.56	12,762	1.8	6.2	40	2	1.4	Dec 20
RYI	Ryerson Holding Corp	0.56	607	0.4	15.8	24.7	31	1.5	Mar 21
005490.KS	POSCO	0.45	26,027	0.3	6.4	8.2	7	1.1	Mar 21
VALE	Companhia Vale Do Rio Doce	0.38	117,474	2.4	6.5	4.1	45	0.5	Mar 21
5406	Kobe Steel Ltd.	0.32	2,447	0.6	6.3	16.9	6	1.7	Mar 21
5411	Jfe Holdings, Inc.	0.21	7,615	0.5	5.5	7.3	15	1.9	Mar 21