Just to add a few points, in principal, I agree with your...

Just to add a few points, in principal, I agree with your thought process on the management of both BHP and RIO. Lets not deter frrom the fact that these two " big boys" have cost the shareholders huge amount of losses with failed projects.....RIO ...several....Alcan....then the coal venture in Mozambique ...another massive loss, and Mongolia coal investment . BHP with the huge losses in Shale in U S and disaster now in Brazil ..( management failure?)

The additional iron ore supply these guys bring on stream has devastated the steel industry all over the world, not only in China, but Europe, India, UK, South Africa and even U S....costing thousands of people to lose jobs in that industry because what can the steel mills do with that damn iron ore that has come in? they have to dump by selling steel at BELOW COST....so that they can stay in biz AND provide IMPORTANT JOBS in China.....but you can already see that even the large mills are running into trouble with them missing their BOND interest payments ...already Australian JV partners unable to get on-going capital payments ( Ansteel with Gindalbie ).....

So this huge over supply in my opinion coming from such respected, or should I say PREVIOUSLY respected trading houses is the most fool hardy decision these companies have made .....and this is reflected in their share price .....I see NO REASON to buy their shares....