Recently, there was some significant unusual options activity in United States Steel (X). A flood caused US Steel to shut down one of its steel mills and the stock dropped 6% on the news. This is the sort of situation that typically makes for a good shorter-term options trade.
A steel mill closing should cause a delay in sales/profits rather than a permanent drop. As such, buying one-month calls or selling one to three-month cash secured puts could be a good way to make money on X if the selloff is short-term in nature. On the day of the news, several call purchases took place along with several large orders selling puts.