The steel sector is cyclical. Looking at current performance or even those over the past year or so will not show the real price. A more realistic one is to look at the performance over the cycle. Accordingly, Leader achieved an average 2009 to 2022 ROE of 2%. Compare this to the Bursa steel sector average ROE over the same period of negative 1 % as per https://www.i4value.asia/2021/10/a-tough-12-years-for-bursa-malaysia.html#more. From a fundamentals perspective, this is one company worth digging further into if you are looking for steel companies to invest in.