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Anglo American, which announced the departure of the boss of its Brazilian iron ore business, tanked 42.85p or 8.7 per cent to all-time lows of 449.9p, on concerns it could follow Glencore's lead and slash the dividend.
Dofasco is a tempting target partly because it has its own ore business.
Mr. Albanese is being succeeded as chief executive by Sam Walsh, head of the company's iron ore business.
Vale's iron ore business is based around open-pit mines staffed with large numbers of relatively low-skilled workers.
ArcelorMittal is also known to be courting another Brazilian iron ore business called Namisa, which is being sold by CSN.
It also announced its 51% owned company Sesa Goa had paid $363m for Indian iron ore business VS Dempo.
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Anglo American said it would create seven main business units based on product lines and geographic location: platinum, copper, nickel, metallurgical coal, thermal coal, and two iron ore businesses, in South Africa and Brazil.
In a tough decision for this tradition-bound company, he closed factories whose products were no longer competitive, thus exiting the ship-repair, coal, and iron ore businesses.
Chinese investment in Australia's iron-ore business is also booming.
Iron ore is its mainstay, and the iron-ore business is all just-in-time logistics.
Now BHP is trying to buy Rio Tinto, in part to accelerate the growth of its iron-ore business.
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