Once my bread and butter, it has been some time since I covered the steel industry publicly. Sentiment has been awful and the value of AK Steel (AKS) common equity is in the proverbial toilet, falling by nearly half since the beginning of Q4 2018. Driving this sell-off, concerns over domestic steel capacity have overridden the euphoria that existed post-Trump Tariffs. This has intermingled with indiscriminate small-cap selling, particularly among firms that carry higher-than-average leverage. Poor guidance from the company for 2019 - well below sell-side estimates - has hamstrung the outlook for