US Steel call volume is heavy this morning, driven by a seller of 9000 Jan12 30 calls for $2.67 when shares were near $28. Looks outright, with net delta of about 400K shares. Executing firm crossed the trade as shares quickly dipped nearly 30cents, making the print appear offer-side, but a source on the floor confirms paper sold. Last Friday on the PHLX a cust paid 1.575 for 20000 Jan 30-35 call spreads to open a new position when shares were near 27.60 and today’s trade may close half the 30s for a 20cent loss. Current total call open interest of 466K contracts in US Steel is a record for the year.