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VLPNY - Voestalpine Likely Facing The Worst Of The Cycle
voestalpine AG ADR
Investors have warmed back up towards steel stocks, assuming that 2019 was as bad as it’s going to get for the cycle and that responsible behavior on the supply side and improving steel demand will support prices and margins next year. With that, voestalpine (OTCPK:VLPNY) (VOES.VI) has gone along for the ride in recent months, rising about 25% from its August and October lows despite a recent warning on impairments and a cut to the dividend (both of which I think were, or should have been, largely expected).