According to Damodaran, projecting the performance of cyclical companies based on the current performance can lead to mis-valuations. He opined that for such companies we should look at the performance over the cycle – the normalized performance

When I carried out such an analysis of CSC Steel, I found that there is still a margin of safety based on its current price. Refer to page 20 of the article https://notice.shareinvestor.com/email/newsletter/invest/pdf/Vol197_Invest-01Mar.pdf

Ternium is a South American steel company. Although it has some mining operations, these serve mainly in-house and are a small component relative to the steel output. It achieved revenue and profit growth through organic growth and acquisitions over the past 11 years. https://i.postimg.cc/kgw7QWJk/Ternium.png

It has a strong financial position and a good capital allocation plan, creating value for shareholders. A Valuation based on the steel price cycle shows a sufficient margin of safety, making it an investment opportunity.

If you are already invested in Bursa steel companies, this might be a good geographical diversification. https://www.i4value.asia/2021/10/a-tough-12-years-for-bursa-malaysia.html#more