Rational Investing

Steel & Iron

	Total Market Capitalization of All Firms	325306 mm
	Average Market Capitalization	9858 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.18
	Standard Deviation of MM Ratio	0.03
	Average Beta	1.54
	Average EV To Revenue	0.94
	Average Price To Free Cash Flow	57.48

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	% Growth	Beta	As Of
AKS	Ak Steel Holding Corp	2.7	852	0.7	-20.0	-10	2.85	Sep 19
NUE	Nucor Corp	2.3	16,855	1.0	12.4	-12	1.57	Sep 19
X	United States Steel Corp	2.3	2,367	0.7	-4.9	-11	2.85	Sep 19
SCHN	Schnitzer Steel Industries Inc	2.0	607	0.4	26.0	-5	1.43	Aug 19
APAM.AS	Aperam SA	1.8	2,597	0.7	31.0	-3	1.70	Jun 19
WOR	Worthington Industries Inc	1.8	2,160	0.9	38.7	-12	1.18	Aug 19
STLD	Steel Dynamics Inc	1.6	7,168	1.0	8.5	-8	1.59	Sep 19
VOE.VI	Voestalpine Ag	1.6	4,931	0.8	-11.3	3	1.12	Jun 19
ZEUS	Olympic Steel Inc.	1.6	164	0.2	-6.7	16	1.94	Mar 19
GGB	Gerdau SA	1.4	6,260	1.1	12.3	-17	1.78	Jun 19
RS	Reliance Steel & Aluminum Co.	1.4	7,781	0.9	15.8	-5	1.32	Sep 19
MT	Arcelor Mittal	1.3	17,383	0.6	-15.3	-8	1.80	Sep 19
CLF	cliffs natural resources	1.2	2,070	2.3	15.4	-15	1.94	Sep 19
RYI	Ryerson Holding Corp	1.2	363	0.3	5.5	22	1.88	Mar 19
5411	Jfe Holdings, Inc.	1.1	7,723	0.4	18.6	4	1.68	Jun 19
CMC	Commercial Metals Co.	1.1	2,375	0.5	16.1	29	1.66	Aug 19
TX	Ternium S.a.	1.1	4,093	0.8	3.7	-4	0.76	Jun 19
ATI	Allegheny Technologies Inc	1.0	2,950	1.4	25.9	1	2.15	Sep 19
ROCK	Gibraltar Industries Inc.	1.0	1,687	1.8	20.2	8	1.46	Sep 19
SIM	Grupo Simec SAB de CV (ADR)	1.0	1,457	0.7	17.0	7	0.66	Jun 19
TS	Tenaris Sa	1.0	12,915	1.7	11.1	7	0.70	Sep 19
VALE	Companhia Vale Do Rio Doce	1.0	60,771	2.2	8.4	0	1.21	Sep 19
MT.AS	ArcelorMittal SA	0.9	17,482	0.4	39.8	5	1.67	Jun 19
USAP	Universal Stainless & Alloy Pr	0.9	126	0.7	10.2	2	1.41	Dec 18
5406	Kobe Steel Ltd.	0.8	1,983	0.4	-28.0	3	1.63	Sep 19
5471	Daido Steel Co Ltd	0.8	2,068	0.4	36.2	4	1.38	Sep 19
SZG.DE	Salzgitter AG	0.8	1,225	0.4	-8.3	4	1.38	Jun 19
5401	Nippon Steel Corporation	0.6	14,304	0.4	11.1	6	1.29	Sep 19
FXPO.L	Ferrexpo	0.6	984	0.9	223.5	18	1.72	Jun 19
RIO.L	Rio Tinto Plc	0.6	83,543	2.3	509.2	7	1.37	Jun 19
EVR.L	EVRAZ plc	0.5	6,539	0.9	358.7	1	1.97	Jun 19
TEN.MI	tenaris SA	0.5	13,054	1.5	13.8	6	0.71	Jun 19
FMG.AX	Fortescue Metals Group Ltd	0.4	18,468	1.9	5.4	49	1.13	Jun 19