More than 5 million shares of USX traded hands Thursday as investors apparently anticipated the advances of an Australian corporate raider on the nation's largest steel company.
Australian investor Robert Holmes a Court, who indicated last month that he is interested in purchasing as much as 15% of strikebound USX, was expected by analysts to start buying stock today.
The speculation triggered a trading spree by Wall Street arbitrageurs, who helped make USX the most actively traded stock. It closed at $20.50 on the New York Stock Exchange, down 12.5 cents.
USX is the new name for the U.S. Steel Corp. The new name came in July, following a long-expected corporate restructuring that made the steel division one of four operating units. The company's steel operations have been shut down for more than a month by a steelworkers' strike.