Why did I buy MT ?
- Cheap on EV/EBITDA. Started buying around $18 and kept it up until $10. Sold at $7.
- Management owns ~ 40% shares.
I coat-tailed in PKX because of Mohnish and because this is also cheap over EV/EBITDA.
What I learned ?
- Importance of the business. The iron & steel business is difficult, capital intensive and is a commodity business.
- I did not want to sell PKX because I think it has a competitive advantage. But, I feel uncomfortable because I have problems understanding the management culture especially after some of them are being sued.