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On $X specifically my guess is the market is worried about cooling demand for steel in China due to their property sector cooling off. China accounts for almost half of the world's steel demand. Steel prices have been in pretty rapid descent in the past few months and even though $X trades at a value multiple and mgmt pulling the right levers, it doesn't usually decouple its correlation with steel prices. Maybe the answer on $X is that simple (steel prices need to stabilize)?

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