ATEX - Steel City Capital Investments Q3 2021 Letter

• Steel City Capital Investments, LLC is a registered investment advisor that provides investment management services to a long-biased investment fund and separately managed accounts. We adhere to a value-oriented investment in our pursuit of generating long term growth of capital for investors.
• In the third quarter Steel City Capital, LP returned (0.4%), net of fees and expenses. Year-to-date, the Partnership has gained 10.7%, net.
• The Partnership ended the quarter with gross long exposure of 94% and gross short exposure of 19%.
• Shortfalls have manifested themselves in the form of significantly higher prices. Oil and natural gas recently touched their highest points in seven years while seaborne coal prices have gone parabolic.
• The reason I’ve expended so much ink on energy shortages is because the higher prices will not only have a direct impact on our wallets, but an indirect impact on the stock market at large.

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