Credit Suisse Bullish on Steel Summary: Demand growing twice as fast as production next year. There is excess capacity, but should see cyclical rallies as it is reduced over next few years. Valuations (P/BV) at levels seen in early 2009. No pure play steels in Canada, so play derivatives - iron ore, met coal
Readthrough: positive for FPX as soft steel market has been a big reason for the drift in share price