BJ,

NOT is anchored by Baosteel even though RCF its holdings close to 20% and Baosteek is still holding at below 10%. It has an option to double its holding to be at the same level with RCF, but so far hasn't done so (as I understand it). Perhaps, RCF is a proxy for Baosteel, or can be a proxy, if the price is right. So, don't discount Baosteel, it's just like a pike lurking under the lily pads waiting for a perfect moment to strike.

WISCO can certainly team up with Baosteel and devide the world, the RoF world...They might even swallow CLF along the way just to simplify the situation. CLF paid almost $5B for Consolidated Thompson not too long ago, but now its market cap is only $6B, the right bite size for the combined appertite of the 2 off-shore heavy weight gorrillas. Watch out CLF.

Other potential lukers around?

goldhunter