EU Steel Makers
My opinion this article speakes volumes about the prospects for NML's (Our) 10 billion plus tons of Ore . . . notice that this group includes Tatas Corus . . .
How about these three partner and invest in Keymag and Labmag . . . would cost billions to develop but they would have a 50 year supply of ore for all of them?????
Aoife White
Brussels — The Associated PressPublished on Wednesday, Mar. 31, 2010 11:35AM EDTLast updated on Wednesday, Mar. 31, 2010 11:36AMEDT
European steel makers on Wednesdaydemanded an EU antitrust probe to check for monopoly abuse andcartel-type behaviour by the three major iron ore suppliersafter price increases of more than 80 per cent.
European car makers and engineering companies also complained thathigher costs for iron ore, steel's key ingredient, could do serious harmto their business and were not justified by higher demand from emergingeconomies.
Steel federation Eurofer, which represents ArcelorMittal SA,ThyssenKrupp AG and Corus Group PLC, said it has lodged a formalcomplaint with the European 
after Vale and BHP Billiton struck deals with Asian steel mills thatwould increase iron ore prices by between 80 per cent and 100 per cent.
The group said it saw “strong indications of illicit co-ordinationof prices increases and pricing models and pressure on individual steelproducers to accept these changes” that it believed could breach EUcompetition law.
EU regulators can fine companies up to 10 per-cent of yearly globalturnover if they find evidence that they are deliberately choking supplyor hiking prices.
The European Commission has already acted on an earlier complaintfrom Eurofer about plans to combine the world's No. 2 and No. 3 iron oreminers, Rio and BHP Billiton. They are examining how the deal will affect globalprices or supply for iron ore transported by sea.
In a joint statement, Eurofer and engineering industry groupOrgalime called on iron ore suppliers to keep to current contractconditions and offer fair price and fair access to raw materials thatthey say are crucial for manufacturing and the recovery of the globaleconomy.
If European access to iron ore were to be jeopardized, they arewarning of “severe consequences for the whole value chain” that couldaffect millions of jobs.
They also claimed the price rises are unjustified because they are“not based on any demand fundamentals” and iron suppliers already enjoyprofit margins of up to 50 per cent per metric ton of iron ore.
European car manufacturers represented by ACEA also complained of an“excessive and unpredictable pricing policy” by iron ore suppliers thatcould affect the competitiveness of European manufacturing by addingextra cost pressure.
They said car makers need one metric ton of steel per car and need“broad access to raw materials at competitive circumstances.”