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 giant Mechel (NYSE: MTL) melted off as much as 11.9% of their value overnight on above-average trading volume.

So what: With little skin in the American game, Mechel isn't reacting to the U.S. government's steel-market moves today like U.S. Steel (NYSE: X) did. Instead, Mechel and fellow foreign steel titan ArcelorMittal (NYSE: MT) are plunging on another round of European economy scares.

Now what: Italy and Greece are fighting to avoid national bankruptcies, which would put some serious brakes on construction and manufacturing operations in those and a few related economies -- and that's bad news for Europe-centric steel producers. But short-term panic often creates great long-term returns, as fellow Fool Morgan Housel explains. And Paul Chi sees buying opportunities in today's steel market. Putting your capital to work here may take nerves of steel, but risk and reward often go hand in hand.

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.