You can't talk about the Steelers and the stock market without thinking about U.S. Steel (NYSE: X).

The company's headquarters pierces the Pittsburgh skyline like the Steelers' defense pierces opposing offensive lines.

The U.S. steel industry has been dramatically affected by the global economic slowdown, as demand for autos, buildings and other steel-based products has declined rapidly.

As a result, X is now trading at $30 after hitting a high of almost $200 in June 2008. That's an 85% decline in seven months.

But X has been trying to root out a bottom around $25 for the past three months, and the long-term potential for X is becoming more positive.

And, for what it's worth, X gained 25% in the three months following the Steelers' last Super Bowl victory.

Chris Johnson is a contributor to OptionsZone.com.

MAJOR PAPERS:

• A loss of confidence in the government sponsored mortgage firms Federal National Mortgage Association (NYSE: FNM), or Fannie Mae, and Federal Home Loan Mortgage Corporation (NYSE: FRE), or Freddie Mac, resulted in both companies shares plunging about 15% to 14 year lows. Because the two are the largest providers of funding for mortgages in the U.S., their troubles are significant as both may have to issue billions of dollars in stock to save themselves, diluting current shareholders, according to the Wall Street Journal.
• For 75 years the NFL's Pittsburgh Steelers have been owned by the Rooney family, but that may now change as the Wall Street Journal reported that the family is seeking to sell the football team which is valued at about $1.2B. One potential buyer is Stanley Druckenmiller, a billionaire, and chairman of Duquesne Capital Management in Pittsburgh.
• British Prime Minister Gordon Brown yesterday raised the issue of visa problems facing BP Plc (NYSE: BP) employees in Russia with Russian President Dmitry Medvedev, but Medvedev did not make any concessions on the issue, according to the Financial Times. Some people have suggested that BP's billionaire partners in its Russian joint venture, TNK-BP, have orchestrated the visa problems in order to gain control of the venture.