VLPNY - Can Voestalpine's Core Quality Pull The Valuation Up Off The Mat?

In a generally bad year for steel stocks, Austria’s voestalpine (OTCPK:VLPNY) ((VOE.VI)) has done even worse than most. While the company was once praised for management’s policy of continual reinvest in the business and focus on growth-oriented, high-value businesses, that has all gone by the boards now that near-term results are looking weaker than previously expected.

Much of what I’ve said recently about other steel stocks applies here — for all of voestalpine’s quality and apparently low valuation, it’s tough for steel stocks to outperform when steel prices are declining. Yet, I struggle