These are challenging times to evaluate almost any industrial company, but Sandvik (OTCPK:SDVKY) (SAND.ST) cranks that to “11” right now. In the plus column, Sandvik has done some very strong work with self-help over the past few years (streamlining supply chains, reducing overhead/fixed costs, culling low-margin business), and a lot of that improvement is acyclical. Sandvik is also benefiting from a strong recovery in mining capex, and has options to further remake the company through M&A. In the minus column, the cutting tool business looks to be rolling over and it’s