Steelmakers see gains from failed BHP bid

SHANGHAI: The sudden collapse of BHP Billiton's takeover of rival Rio Tinto Group on Nov 25 may give the Chinese steel industry a vantage point in the negotiation of iron ore prices, experts said.

With no signs beforehand, Marius Kloppers, CEO of BHP Billiton Ltd, the world's largest mining company, announced that it was pulling its yearlong hostile takeover of Rio Tinto, which would have cost BHP Billiton $60 billion.

"Continued worsening global economic outlook associated with sharp fall in commodity prices contributed to the abortive deal," said Hu Hao, analyst with Central China Securities.