United States Steel (NYSE: X) is one of the oldest steelmakers in North America and an industry icon. That doesn't make it a good or bad stock, just a well known one. If you are looking at U.S. Steel today you need to know three things. The first is fundamental, the second is transitional, and the third could change the entire story.

Before you even consider hitting the buy button with U.S. Steel, or any steel company, you need to understand a very fundamental thing -- the steel industry is cyclical. Don't underestimate the importance of this. Steel demand tends to ebb and flow along with economic activity, so the performance of steel stocks varies dramatically depending on whether there is a recession or an economic expansion.

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Source Fool.com