TheStreet.com's Jim Cramer says U.S. Steel is a puzzle, and he ponders how to play it here.

U.S. Steel (NYSE: X) (Cramer's Take) presents the ultimate conundrum. It is hitting on all cylinders, courtesy of the incredible demand for steel domestically because of pipelines. And it is finally not suffering from dumped imports, because the dumpers are from countries growing so much faster than we are that they need all the steel they can get - China, for example, is struggling to build its own share instead of dumping.

John Surma, the CEO, has taken this once-great company right back to greatness with a rise from $9 to $127 in five years. That defies gravity. He has done that by cutting labor costs and growing the business, he has done it by emphasizing areas he can dominate and cutting ones he can t. And he has done it by taking advantage of the 30 bankruptcies in this sector, leaving him one of the few publicly traded companies left, including Nucor (NYSE: NUE) (Cramer's Take), which is a great company, AK Steel (NYSE: AKS) (Cramer's Take), which levitates all of the time on takeover talk and then DOESN'T come in, and Reliance (NYSE: RS) (Cramer's Take), which is another fave of mine.

MAJOR PAPERS:

• According to the Wall Street Journal (subscription required), citing people familiar with the matter, Community Health Systems Inc (NYSE: CYH) is near a deal to purchase Triad Hospitals (NYSE: TRI), which would break up an existing $4.5B private-equity buyout plan.
• The Wall Street Journal's "Heard on the Street" column reported that rumors are swirling that Infineon Technologies ADS (NYSE: IFX) will be chosen to supply the main chip to drive the upcoming iPhone from Apple Inc (NASDAQ: AAPL).

OTHER PAPERS:

• The Business Standard reported that Reliance Industries is reportedly in advanced discussions with Nova Chemicals Corporation (NYSE: NCX), the plastics and petrochemicals firm, to form a joint venture.
• According to the U.K. Times, Barclays plc ADS (NYSE: BCS) will announce today its formal interest in buying Netherlands bank ABN Amro Holdings (NYSE: ABN) for a price of up to a little less than EUR60B, or EUR31.3 per share, according to reports.
• Dow Jones & Company (NYSE: DJ) is trying to buy the Financial News for GBP25M, the U.K. Times reported.
• The Sunday Telegraph reported that Coca-Cola Company (NYSE: KO) is planning a 'beauty tea' in conjunction with L'Oreal ADR (OTC: LRLCY), called Lumae.
• According to Google Inc's (NASDAQ: GOOG) official blog, it has acquired Adscape media. Terms were not disclosed.

Got merger mania too? On tonight's MAD MONEY segment on CNBC, Jim Cramer got into the spirit of the takeovers that had the Street buzzing today and discussed how to find the next Oregon Steel Mills, Inc. (NYSE:OS) or similar acquisition possibility.

He says Reliance Steel & Aluminum (NYSE:RS) is still cheap, a considerable supplier of both rolled and stainless steel, which is still in short supply. Cramer opined that a smaller company, like Reliance, could be bought, but he didn't think Nucor Corporation (NYSE:NUE) was small enough for an acquisition target. He thought RS would be the most likely target.

He would hold a hearing about who lost Oregon Steel. He thinks the WSJ publishing a steel glut that kept you out of this name. Anyway, he will go on and on but he thinks RS is the next steel buyout potential.

RS has a $2.7 billion market cap; 52-week trading range of $28.43 to $49.75. It closed up 5.7% at $35.55 in normal trading and traded up another 4% to $37.15 in after-hours trading after Cramer touted it. If the trailing P/E is accurate it looks like RS only trades at 7.5 times earnings and seven times December 2007 earnings.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.

Wal-Mart closed down today to $47.63 per share, a drop of $0.44 or 0.92% from Monday's close. One of the larger announcements concerning our friends from Bentonville happened today as the Financial Times reported on its web site that Wal-Mart is about to enter the Chinese credit market by supplying customers in the world's most populous country with credit cards -- branded by Wal-Mart and issued by Shenzhen Development Bank of China.

With Wal-Mart recently exiting the South Korean market and underpinnings of leaving the German market seem to float around as well, Indian supercompany Reliance Industries, Ltd. announced that is was making a bold move into retail and would be flooding the country with Wal-Mart-style big box megastores.

This announcement comes at a precarious time for Wal-Mart, which has a decent international presence but continues to see bad press and gloomy competitive news in some of the larger non-U.S. markets where it operates. What will a move like this mean for Wal-Mart's Indian expansion plans? Stay tuned.