As Gordon Chang has reported, steel inventories are piling up as the economy slows (shares in U.S Steel are down nearly 25% this year), while other macro names tied to China like Alcoa are still underperforming the market.
The New York Forum, currently going on in Midtown Manhattan, just had an unusually strong panel of successful Chinese businessmen (along with the CEO of Alcoa, a company with a lot of business in China).
The Financial Times report suggested that Arcelor Mittal, the world's largest steel maker, could afford to match the 9% stake bought earlier this year by China's state-owned aluminium group Chinalco together with US firm Alcoa.