Puts Purchased on Gerdau S.A. (GGB)

Shares of Gerdau S.A. GGB are higher on the session by 1.52%, currently trading at $14.72. The stock has been moving largely higher over the past three months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the March 2011 $14.00 put was purchased 5,000 times, on the offer, on open interest of 13,461 contracts. Overall put volume is now running at 2.02x the daily average with 99% of all puts traded being purchases on the offer. Gerdau S.A. is a producer of long rolled steel. Gerdau operates steel mills that produce steel by direct iron-ore reduction in blast furnaces and in electric arc furnaces. In Brazil it operates four integrated steel mills, including its mill, Ouro Branco unit, an integrated steel mill located in the state of Minas Gerais.