It’s Hard to Overlook Longhai Steel, Inc. (LGHS)
Scrolling through another batch of earnings reports from big board companies in the steel business once again showcases the out-of-sync valuation of Longhai Steel and its industry peers. Olympic Steel (NASDAQ: ZEUS) reported Q4 2011 net sales totaled $319.9 million, the highest ever for its fourth quarter, an increase of 48.7% from the $215.2 million reported for the year-ago period. Fourth quarter 2011 net income totaled $0.6 million, or $0.05 per diluted share, compared to a net loss of $1.6 million, or $0.15 per diluted share, in last year's fourth quarter. Net sales for the year totaled $1.26 billion in…