Allegheny Technologies

Signs just keep on creeping up that the materials sector is in trouble and in today's episode of "As Materials ETFs Tumble," the Market Vectors Steel ETF (NYSE:SLX) is in the spotlight. On light volume, SLX is down 0.7 percent and while that may not sound like much, Wednesday's decline extends a woeful start to 2013 for SLX and the ETF is now flirting with a year-to-date loss of 18 percent.To put that performance into context, the Materials Select Sector SPDR (NYSE:XLB), the worst-performing of the nine sector SPDRs in the first quarter , is still clinging to a year-to-date gain.SLX's problems are not hard to identify. Just start with the ETF's two largest holdings, Rio Tinto (NYSE:RIO) and Vale (NYSE:VALE). Those mining giants combine for over 26 percent of SLX's weight. Rio Tinto's U.S.-listed shares are off almost 24 percent year-to-date and things could get worse before they get better for the Australian mining giant.Not only are Australian exporters being crimped by a strong Austr...

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