I think part of Cliffs strategy might be to capture the chromite first. If they make a bid for FNC or NOT, I think this would bring the competition out of the woodwork. This might be something Cliffs would not want at this time. Cliffs are gradually accumulating resources and do have interests in any metals. They have a long term plan, IMO, and so far it looks as if they are excecuting it very well.

Just my thoughts!