Trade of the Week: Steel

Commodities Investing, Trade of the Week

The steel industry showed up on the unusual options volume radar last week, with both United States Steel (X) and Nucor (NUE) near the top of the list.  NUE preannounced much lower than expected earnings, and X was expected to follow suit. At least some traders were snatching up blocks of short-term X puts, possibly as a hedge against a continued downturn in the industry.