The company went from posting a $230 million loss in one year to a fourth-quarter profit of more than $35 million last week. Clearly there are opportunities, if these companies know how to maximize value. In the case of ArcelorMittal, which has enjoyed a solid reputation as the premier name in integrated steel, the company has done more than a decent job overcoming to weak prices and slumping demand. Management has established a two-year plan to take out upwards of $3 billion in incremental costs in what the company calls a "cost optimization program." This is an initiative geared more towards variable cost reductions than fixed cost savings, which makes sense seeing as how unpredictable the steel industry has become. Since the start of this program, ArcelorMittal has posted better-than-expected results, particularly in from an EBITDA perspective, which stands for earnings before interest, taxes, depreciation and amortization. EBITDA is the standard metric used to measure performance in the steel industry.