The author argues that steel and metals act as the primary bottleneck for AI data centers and power infrastructure, recommending an investment strategy focused on mill equipment makers and distressed mill debt rather than big steel makers. Explicitly mentioned performance and asset returns include Danieli up ~50% in a year and BHP up ~75% (noting it earns more from copper than iron). Additionally, debt instruments for Algoma bonds are up +20%, Metinvest is up +26%, and U.S. Steel bonds show similar positive returns.