CLF been down 80% in last 18 months. so why are you surprised with a little up move. Do you expect it to just keep going down down and more down? This is the BOTTOM or very Close to it. They still expect to make $1.75 in earnings in 2013. Check out yahoofinance or Etarde or value Line.
It always gets a little bump when China releases the flash (and it's positive) Looks like it's sliding abit but exepect another bump when the real PMI comes out. The CALL action is banking on that as well. I doubt any of this is related to buyout rumors (though these seem to be a monthly occurance)