Closer Look: A Steel of a Deal

China is the world's largest steel producer. Chinese steel makers are also subject to the world's largest price gouges by the three major global miners -- Vale SA, Rio Tinto, and BHP Billiton.

Given China's need for iron ore, the three big mining giants have spared no opportunity to drive up prices, continually testing the limits of Chinese steel makers. The Chinese steel sector expected a 20 percent growth in iron ore prices at the start of 2010, but ended up with a 40 percent hike by the trio. At the end of last year, Chinese steel makers were faced with a 100 percent price hike.