There are bear markets–and then there are bear markets. Steel stocks are mired in the type of grinding, grim affair that razes stocks to obscenely low prices. Consider that the SLX (the main steel ETF) has dropped to $24.90, a wretched 78% below its all time high of $112 back in 2008. Along with gold and other commodities, steel has suffered from a profound cyclical glut, compounded by a strong dollar and a slowdown in China.
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