Traders Still Bullish on U.S. Steel (X)

Shares of United States Steel Corporation

are lower on the session by 1.56%, currently trading at $43.62. The stock has been moving largely sideways for the past five months after sliding lower throughout April and May. Options traders continue to place bullish bets on the name, however. Case in point, a short while ago the April 2011 $50/70 call spread was purchased 2,500 times for $2.90. Volume exceeded open interest on both strikes. There continues to be takeover chatter involving X as a target with rumored prices upwards of $70.00. United States Steel Corporation is an integrated steel producer of flat-rolled and tubular products with production operations in North America and Europe. The company has an annual raw steel production capability of 31.7 million net tons (24.3 million tons in North America and 7.4 million tons in Europe). For more great research like this, as well as how to play it through options…please visit

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