Date: 2013-08-01

US Steel Advances on Rumor of ArcelorMittal Bid

Unconfirmed rumors that ArcelorMittal may be interested in buying US Steel at USD 80 per share inspired an all out options feeding frenzy.

US Steel's shares rallied as much as 6.7% in the first half of the trading session to reach an intraday high of USD 50.50 as of 11:50 AM ET.

But the notion was immediately critiqued by industry watchers as highly improbable, since merging the US market's largest and second largest integrated steelmakers would doubtless draw a jaundiced eye from antitrust regulators.

Ms Michelle Applebaum, who runs Chicago based Michelle Applebaum Research in an email said

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