Table of Contents
Executive Summary 3
Ratings Overview 6
Companies under Coverage 7
Industry Overview 9
Investment Thesis 11
Key Drivers: Catching the Upcycle 11
Steel: Where Are We Now? 19
What to Own: Steel Producers, Service Centers or Both? 24
Reliance Steel & Aluminum (RS) 30
Consolidator of Choice 30
Worthington Industries (WOR) 52
The Sum Is Worth More than the Parts 52
Olympic Steel (ZEUS) 74
The Carbon Steel Pure Play 74