CONTENTS
Investment Argument........................................................................................ 3
Steel demand appears to have hit the bottom ....................................................3
Prices yet to find a bottom; expect price stability by Q1FY10............................6
Gearing, and not earnings, is what matters for now .........................................10
Valuations and view ........................................................................................13
Companies ...................................................................................................... 20
JSPL................................................................................................................21
JSW Steel ........................................................................................................33
SAIL ...............................................................................................................41
Tata Steel ........................................................................................................49