Home

We cover steel.  That’s not just steel and nothing but steel, but includes all its upstream and downstream components.  So we also cover scrap, iron ore, DRI, integrated steelmills, steel minimills, service centers, logistics and mill service providers.

Why? Its fun.  We like the way steel touches almost every basic industry and commodity sector in one way or another.  And it is very global, with China, India, Asian, Turkey, Eastern Europe, Brazil, Canada, Mexico and the US all slugging it out. We’ve covered this crazy industry for over 35 years on Wall Street and we intend to continue following its investment rhythms so long as they make sense to us!

  • Aldo-on-Steel is our basic weekly steel industry newsletter.  It highlights what we think are the important themes of the day, tracks pricing, margins, supply and demand trends, inventory and other factors, and offers a favorite-to-least favorite list of steel company equities that combine the best facets of valuation, momentum and strategic positioning.  Those stocks are ranked in attractiveness relative to our proprietary Fair Value Range, which we believe represents a triangulation of potential values based on earnings, cash flows, shipment and sales, and replacement cost of the assets.  We adjust our valuation metrics for Quality Rankings, Growth, Operational Excellence and Financial Strength.  Investors find our rankings helpful in decisions about long or short positions.
  • Premium Services include consulting assignments that could involve retainer agreements, or something as simple as a conference call on a predetermined topic. We have annual and spontaneous events for clients and other guests, including our Steel Forum and Dinner held each June in NYC, a tradition since 1987. Events like this involve our network of industry contacts in a town hall format, making them unique and sometimes a valuable research tool.
We are FINRA licensed and registered and members of the Research Prime Platform with IRC Securities, a fully licensed FINRA-registered broker dealer (www.ircsecurities.com), where our research is reviewed and approved prior to distribution by IRC Securities’ supervisory analysts.  As registered representatives of IRC Securities, our analysts must follow IRC Securities’ Written Supervisory Procedures. Notable compliance policies include: (1) prohibition of insider trading or the facilitation thereof, (2) maintaining client confidentiality, (3) archival of electronic communications, and (4) appropriate use of electronic communications, amongst other compliance related policies. The research is reviewed and approved prior to distribution by IRC Securities’ supervisory analysts. Compliance documents are available upon request.

 

Recent Posts

Steel Demand

Market demand appears to be softening.  Our faith in the growth trend in steel demand is being tested by tariff threats and Chinese retaliation, the latest twists in the Trump/China trade war.   Prolonging negotiations while increasing tariffs, as Trump promised over the weekend, has been met with dismay by the markets.  And with retaliation by … Continue reading Steel Demand

Commerce just “self-initiated” another dumping case, and what’s transformation mean?

The US Commerce Department just gave us two examples of their new aggressiveness in protecting American businesses from foreign competition that might be unfair. First, it just self-initiated a trade case against the Chinese aluminum producers that will not make its way through the system much like the steel cases did starting 18 months ago. … Continue reading Commerce just “self-initiated” another dumping case, and what’s transformation mean?

G20 Forum on steel overcapacity… should focus on production.

Ministers at the G20 forum were arguing about whether China’s acknowledged shutdown of 100-150 million tons of steelmaking capacity (more than exists in the entire US market) was enough.  China says it has taken leadership while the rest of the world claim not enough.  We think the argument is being fought over the wrong subject….it’s … Continue reading G20 Forum on steel overcapacity… should focus on production.

More Posts