Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Russian steel miner Mechel (NYSE: MTL) melted down today, falling as much as 10.6% on above-average volume.

So what: Mechel is suffering from the Greek drama, as the company supplies a large market across Europe. Fellow European steel giant ArcelorMittal (NYSE: MT) also opened 10.6% down this morning, showing exactly how worried investors are about a potentially stalled trans-European economy.

Now what: Predicting economy swings and Greek votes is a lowercase fool's errand. Sadly, these things will continue to have a direct effect on Mechel's share prices. That being said, Mechel recently reported a stable pricing outlook and trades near 52-week lows for about five times trailing earnings. If you have any faith at all in Europe making a comeback, this would be the perfect time to start a Mechel position.

Interested in more info about Mechel? Click here to add it to My Watchlist.

Fool contributor Anders Bylund holds no position in any of the companies mentioned. We Fools may not all hold the same opinion, but we all believe that considering a diverse range of insights makes us better investors. Check out Anders' holdings and bio, or follow him on Twitter and Google+. We have a disclosure policy.