Options Traders Target Steel Maker Ahead of Earnings

Shares of Arcelor Mittal are rising along with increased options activity, ahead of the steel company's earnings report Wednesday.

MT stock has risen some 32 percent in the last week alone and is up again at $29.05 in midday trading. The options action involves the buying of February 30 calls, where 6,000 contracts are trading at $1.55 and $1.60, according to OptionMonster's tracking systems.

The shares are still well below their $100-plus highs of last summer but nearly double their lows from November. MT now sits right at its 100-day moving average, a level that has drawn attention for many stocks recently.

Other Major Steel Stocks:

U.S. Steel


AK Steel Holding



Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.