They aren't even in a bad position imo. They are prepared to weather a storm this time around, even in worst case scenario of a double dip:
"BRUSSELS, Sept 23 (Reuters) - - ArcelorMittal , the world's largest steelmaker, said it would weather a possible new recession better than in 2008/2009 because of savings made to date, a healthier balance sheet and its expansion into mining.
The Luxembourg-based group told investors on Friday that its core profit (EBITDA) would be higher than in 2009 if the developed world fell back into recession next year."