Shares of U.S. Steel (X) - Get United States Steel Corporation Report were climbing over 2% during mid-morning trading on Monday following an upgrade of the stock at Macquarie to "Neutral" from "Underperform" with a $30 price target.

Increased volumes than previously anticipated along with "solid pricing" make the stock attractive, Macquarie analyst Aldo Mazzaferro wrote.

"Most investors focus on X's oil tubular operations and strength in energy markets is apparent, with latest US rig count of 839, up 90% from a year earlier. The operations are deep in the red, however, at very low operating rates," Mazzaferro noted.

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