Valuation methods of asset-type cyclical industry: A case study of steel industry

摘要

Cyclical industry is the pillar industry for the industrial structure and capital market in industrialized countries, yet the value of cyclical industry has always been the difficulty in world financial market and assets valuation. This paper studies the industrial profitability cyclical features of asset cyclical industry, explores into the valuation methods of asset industry by taking steel industry as the main research object.