Arcelor Mittal ( MT), the world's largest steel maker, has seen its stock price fall by more than half over the past year -- and more than 85% since 2007. Investors are clearly concerned that a weak global economy will crimp steel demand, turning profits into losses. Yet analysts think such a dire outlook is unwarranted for this Luxembourg-based firm. Thanks to a series of plant closures, Arcelor Mittal is operating in a very lean fashion right now, which should help the company to remain profitable, even as steel pricing and demand languish. The company is expected to earn around $1.50 a share this year, and with modest improvements in the global economy projected for 2013, should see EPS move north of $2.50. That means shares trade for less than six times forward earnings. Wondering how this company will do when the global economy is again fully healthy? Arcelor Mittal earned an average of $7 a share from 2003 through 2008, which really brings the $15 stock price into sharp contrast.