If things go well for U.S. Steel, the long equity position likely offsets whatever loss you would take on the CDS. U.S. Steel is far from immune to the price impact of Chinese demand, he says, and as a vertically integrated steelmaker it has exposure all along the process from iron ore to finished products.

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Preventing this process using an iron-free, corrosion-resistant alloy barrier is particularly important in a city like Boston, where the air is damp and laden with salt water.

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Helping the process are magnetometers that detect the iron in bombs that rest below the muddy waters.

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