If you think the world’s banks are badly off, what with shares often trading at barely half of book value amid a blizzard of regulatory, capital and structural shifts, spare a thought for those who own steelmakers. The share price of ArcelorMittal, the world’s biggest steel group by production, has fallen 80 per cent since its peak in 2008. Nippon Steel, the world’s number six, trades at 0.6 times book value. With demand for steel slowing, could there be worse to come?
全球銀行業正在經受監管、資本和結構轉變的重重考驗，市淨率勉強達到0.5倍。但如果你就此覺得它們的日子不好過，就請想想鋼鐵廠的老闆吧。全球產量最高的鋼鐵集團——安賽樂米塔爾(ArcelorMittal)如今股價只有2008年峯值的20%。世界第六大鋼鐵廠商——新日本製鐵公司(Nippon Steel)的市淨率爲0.6倍。考慮到鋼鐵的需求成長還在放緩，情況會不會變得更糟？
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