I believe that very notion has been speculated upon in the past on this hub...that they was always a "super-major" waiting on the sidelines, utilizing Cliffs as its "lackey" to pick off the junior players one at a time, not exposing itself for fear that this would elevate the takeover premiums and thereby cost that super-major more over the long term to gain control of the ROF. Utilizing this ploy, they could simply sit back and wait for Cliffs to consolidate the region, and then take Cliffs over at a "very attractive" SP 20% above that of the last 20 trading days...