Rational Investing

Steel & Iron

	Total Market Capitalization of All Firms	$390,146 mm
	Average Market Capitalization	$10,837 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.1
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.4
	Average EV To Revenue	1.1
	Average EV To EBITDAM	20.3
	Average Price To Free Cash Flow	27.8

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
CLF	Cleveland-Cliffs Inc.	2.34	4,500	1.7	11.3	30	113	2.0	Sep 20
APAM.AS	Aperam SA	2.19	3,263	1.1	22.5	23.7	-14	1.7	Jun 20
NUE	Nucor Corp	1.89	16,785	1.2	21.1	16.9	-23	1.3	Jun 20
SCHN	Schnitzer Steel Industries Inc	1.83	747	0.6	26.5	18.8	-16	1.3	Aug 20
ROCK	Gibraltar Industries Inc.	1.76	2,138	1.9	66.4	18.8	8	1.2	Sep 20
ZEUS	Olympic Steel Inc.	1.68	171	0.2	15.6	18.2	16	1.9	Mar 19
5406	Kobe Steel Ltd.	1.66	1,771	0.7	99	30	-11	1.6	Sep 20
RYI	Ryerson Holding Corp	1.46	425	0.3	7.7	13.5	22	1.9	Mar 19
ATI	Allegheny Technologies Inc	1.35	1,801	1.3	14.3	30	-18	1.8	Sep 20
RS	Reliance Steel & Aluminum Co.	1.31	8,152	1.1	33.4	14.2	-17	1.0	Sep 20
TEN.MI	tenaris SA	1.28	9,484	1.5	6.7	15.3	-4	1.1	Jun 20
MT	Arcelor Mittal	1.07	20,455	0.8	18.3	17.7	-25	1.9	Sep 20
X	United States Steel Corp	1.04	2,508	0.8	14.6	30	-32	2.1	Sep 20
SZG.DE	Salzgitter AG	1.03	1,256	0.6	10.4	30	-16	1.6	Sep 20
SIM	Grupo Simec SAB de CV (ADR)	1.02	1,537	1.0	9.4	10.3	-14	0.3	Jun 20
AKS	Ak Steel Holding Corp	1.00	174	0.5	2	30	-1	2.6	Dec 20
STLD	Steel Dynamics Inc	0.97	8,368	1.0	27.0	15.5	6	1.4	Sep 20
TS	Tenaris Sa	0.93	9,350	1.8	15.8	12.8	-19	1.1	Sep 20
2002.TW	China Steel Corporation	0.92	12,504	2.1	23.2	30	-17	0.7	Jun 20
MT.AS	ArcelorMittal SA	0.87	22,513	0.8	15.3	16.5	-24	1.9	Sep 20
5411	Jfe Holdings, Inc.	0.86	5,652	0.7	99	21.4	-19	1.7	Sep 20
5471	Daido Steel Co Ltd	0.84	1,815	0.6	99	21.9	-26	1.3	Sep 20
VALE	Companhia Vale Do Rio Doce	0.82	77,840	2.9	8.9	7.2	-4	0.8	Sep 20
005490.KS	POSCO	0.76	17,355	0.4	10.1	10.2	-6	1.1	Jun 20
FXPO.L	Ferrexpo	0.72	1,642	1.3	2.1	30	6	1.2	Jun 20
5401	Nippon Steel Corporation	0.70	11,673	0.6	99	30	-24	1.5	Sep 20
TX	Ternium S.a.	0.70	5,353	0.9	8.8	8.4	-17	1.1	Sep 20
SSAB-A.ST	SSAB AB	0.68	3,367	0.2	15.8	14.3	-12	1.4	Sep 20
VOE.VI	Voestalpine Ag	0.67	5,765	1.2	17.9	24.4	-20	0.8	Sep 20
WOR	Worthington Industries Inc	0.67	3,076	1.6	53.7	30	-23	1.2	Aug 20
RIO.L	Rio Tinto Plc	0.65	107,373	2.8	7.1	30	5	0.9	Jun 20
EVR.L	EVRAZ plc	0.61	7,603	1.2	3.9	30	-14	1.7	Jun 20
004020.KS	Hyundai Steel Company	0.59	3,929	0.7	99	30	-17	1.6	Jun 20
CMC	Commercial Metals Co.	0.55	2,466	0.7	8.5	7.5	-10	1.4	Aug 20
GGB	Gerdau SA	0.50	7,274	1.1	4.2	8.6	13	1.6	Sep 20
USAP	Universal Stainless & Alloy Pr	0.43	60	0.4	3.9	3.7	2	1.4	Dec 18