Multiples in this sector track one thing above all others: how far a company sits from the commodity. A structural fabricator bidding projects and a certified shop qualified into a defense program are not the same business, and buyers do not price them alike.
You will see two companies in each segment, back to back, under the same comps. How far apart they price is the whole lesson. In steel the segment sets the starting point, and the company sets everything after.
You're the buyer. Each deal is all-cash. You'll see the financials, where comparable companies trade, and a set of diligence questions. What you learn from those questions is the difference between a fair price and a bad one.
Round one is your indication. Come within 15% of where the deal cleared and you advance. Miss low and the field moves on.
Round two is best and final. The banker will push. Within 10% and you win clean. Reach too far and you win, but you'll see exactly what you overpaid.
Comps are a starting point. In steel, they are rarely the answer.
One sector a month, read the way buyers actually price it.
These companies are fictional composites, built from proprietary middle-market deal data. They are not real businesses or specific transactions. Nothing here is investment advice or an offer to buy or sell any security. This is an educational game.