Like most carbon steel manufacturers, I believe there's a good chance that POSCO's (PKX) EBITDA/tonne will bottom in the near future, quite possibly in the third or fourth quarter of 2019, but I also see relatively limited prospects for a sharp near-term turnaround. While key inputs like coal and iron ore have been getting cheaper, global steel demand forecasts continue to decline, and I don't see weakening economies in the U.S. and Germany, nor the ongoing U.S.-China trade dispute, as especially supportive of a near-term improvement in steel demand.
Also like many steel