Ok, global slowdown, I know. This is the worldwide leader in steel production. MT has a a PE of 1.98 and a Price/Book of 0.48. Amazing. This is the inverse of internet stock mania. Many decent companies are getting sold at outrageously low valuations.
The could have an EPS of 7 next year. With a raging deflation and global slowdown in steel consumption you could see a 20-25% cut in next years EPS compared to this years EPS.
Agreed about the PE. When it comes to book, though, I'll happily pay 50c on the dollar for a best of breed company.
I put FCX in the same category. 8.42% yield (will fall as earnings diminish, but so will short term treasury yields). Book value at 0.59! Under 60c on the dollar for their assets.