Alloy Steel Inc. (fka AYSI)

[RMIWA]

One factor that can't be stressed enough is the lack of dilution demonstrated by AYSI over the years. This is a noteworthy datapoint for a microcap that has more than doubled capacity organically and apparently intends to double it again without increased debt or dilution. If AYSI can continue to grow capacity, sales, and net income organically, all shareholders will be rewarded in the long run.

I have experienced other microcaps that have great communications and appear to have a promising future, only to find out the communications were a clever smoke screen and all shareholder value is lost once the smoke clears. In alot of ways I prefer the poor communication over misinformation, dilution and debt.

Obviously it would be great to have the best of both, but I have yet to see that in a microcap and I have been investing in micros for over a decade.

Mat