$MT super cycle update

MT: Super Cycle Update 

A month or so ago we talked about a super cycle in commodities.  We highlighted the steel stocks, in particular, $MT which we discussed how pricing had doubled from the mid $600s per ton to $1200.  This, in turn, would create $10-11 billion of free cash flow versus an equity market cap of $27b (now $33b given the stock rise).  Wel…