Mechel OAO (MTL), buying deal because of the value!

One of the companies that I have had my eye on dropped over 21% today.  This company has dropped from a high of almost $60 a share down to $2.57 a share today.  There is a billion ruble lawsuit against the company, but that only translates to about $30.3 million american dollars.  Unless I’m missing something this company I believe the price should be at least $18 a share.  Below are reasons I’m putting this on my buy list on updown.com  (since I don’t have the real money to invest right now.

1. The P/E ratio is .58 (this is rediculous)
2. The enterprise value of the company is over $6 Billion, but the market cap is only slightly over $1 Billions going by todays closing price.
3. Today’s price drop was an over reaction of the lawsuit and the fact that the whole market had a major selloff.

I’m buyin in tomorrow morning as soon as the markets open. Just had to share this info since there is no news with me.

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