It's not really possible to quickly turn around a large industrial concern like Wheeling-Pittsburgh Steel (NASDAQ:WPSC), but the company nevertheless seems to be steadily on track. Then again, on a day like today, when many other commodity and steel names like POSCO (NYSE:PKX) and Nucor (NYSE:NUE) are getting summarily shot by the market, progress doesn't mean much.

Revenue rose 9% in the recently completed quarter, as the company coupled a 19% hike in shipments with a 8% decline in year-over-year average selling prices. It should also be noted that that shipment total rose robustly on a sequential basis (up about 18%). On a per-ton basis, the company also did better with its cost of sales -- while natural gas and zinc prices were higher, lower scrap costs ultimately led to a 4% drop. As good as all that is, the company was still in the red at the operating line.

As I said, the company is slowly climbing out of the pit which it sunk into last year. Management's guidance for higher shipments and selling prices in the next quarter is encouraging, as is the word that the electric furnace is up to about 87% capacity and should still be operating at full steam by the end of the year.

Apart from the earnings news, another notable piece of info recently surfaced. Wheeling-Pittsburgh announced that it was in discussions with Brazil's CompanhiaSiderurgica Nacional (NYSE:SID) about a possible alliance. Apparently, the terms are still to be determined, but the deal would likely involve an investment by SID into Wheeling-Pittsburgh, and a long-term supply agreement for steel labs. While some investors may have been hoping for a lock, stock, and barrel buyout agreement, this isn't a bad alternative, and it does support the notion that W-P isn't exactly doomed.

The best thing I can say about Wheeling-Pittsburgh stock is that it's still somewhat cheap -- assuming that the operational turnaround stays on track. It might be more attractive than AK Steel (NYSE:AKS), but that's not saying much. But I'm not sure that price and valuation alone makes it that much more attractive than say Steel Dynamics (NASDAQ:STLD) or Chaparral (NASDAQ:CHAP). All the same, the outlook for steel is still all right, and that should make the self-repair at Wheeling-Pittsburgh that much easier.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).