Reality check, page-4

Leveraged Macquarie Prime are making a motza, however I have hope that management continue to deliver and manage cash & debt & renegotiate loan terms

S&P reaffirmed their credit rating but yesterday cut Vale's

The big 3 may be starting to question their tactics, increasing supply at a time of reduced steel production, pretty dumb strategy losing money to gain market share

Most commentators have acknowledged the management strength at FMG and their ability to adapt to market change

RIO/BHP shareholders may not be as impressed that they are helping out China instead of their shareholders

I read that Gina has lost over $7.0b due to IO price decline (Forbes)

Roy Hill debt in excess of $8.00b with funding approved when IO price was well over $100.00mt

Irrespective that their costs may be lower their ability to service and REDUCE debt would now be a far cry from the number crunching that was done when project was funded

I believe in the not to distant future the big 3 will be forced to change tact, who blinks first is the question, losing money even if you are still profitable is destroying shareholder wealth whilst helping out the Chinese