Looks like the company had an outage that significantly reduced sales. Anyone quickly glancing over this earnings report would think it was a complete disaster.
Company has done well to reduce overall costs, and the blast furnace upgrade project that really hampered them this quarter is expected to reduce costs even further, by just over 4%.
There's no doubt this company could benefit from the rising price of steel since early February.
I'm not a huge fan of cyclical plays like this. Clearly those who got in in March have made a killing, but as a steel pure-play, the company's stock price will undoubtedly be more volatile than the underlying commodity sells, much like a gold producer.