citigroup becomes substantial shareholder, page-65

columbia, while I don't disagree with your post, if I were an iron ore magnate and had got up a project that would suffer (IMO) in a downturned market, the first thing I would do if improve my grades and lower my impurities.

UMC does this.

This makes good business sense. It takes little management time to buy shares and get to 19.9% before launching a takeover. You bring in specialists for this. Strike while prices are low.

The best companies buy the best companies while the market is depressed.