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Asian Steelmakers Battle Rio and BHP over Huge Iron-Ore Price Increases
Steelmakers throughout Asia cringed earlier this week when they heard the news that Aussie mining giant Rio Tinto PLC (ADR: RTP) had secured a 97% price increase for its iron-ore. But getting Rio out of the way was only half the battle, because now steelmakers are forced to confront BHP Billiton Ltd. (ADR: BHP) and its chief executive, Marius Kloppers, who may not be so easily placated.