Deals
U.S. Steel Rises on Speculation ArcelorMittal May Bid
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U.S. Steel Corp., the country’s largest producer of the metal, rose the most in four weeks and bullish option trading jumped to a record on speculation that ArcelorMittal may be looking to purchase the company.
U.S. Steel climbed $2.27, or 4.8 percent, to $49.59 at 4:15 p.m. in New York Stock Exchange composite trading and earlier rose as much as 6.9 percent for the biggest intraday gain since July 20. More than 222,000 options to buy U.S. Steel shares changed hands, 10 times the four-week average and triple the number of puts to sell. The most-active contracts were August $50 calls, which surged ninefold to $1.01.