Does US Steel make sense?

Current TEV, normalized earnings around 1.5B EBIT, although were 3B at the peak. When are the normalized going to come given ~50% current capacity utilization. To me the valuation seems pricey - after all in 2005-2006, presumably better than normal time / average at best the stock was priced ~40, vs 54 right now. Think there's bidding up by investors fishing for recovery that are bound to be disappointed. Thumbs down on this one.