Vila, Although Cliffs owns some of KWG and SPQ shares, to say that they own 56% of BD because of this is incorrect. The reason for this is that SPQ and KWG control 100% of their portion of BD. Cliffs (technically) has no say in what they do(other then voting type transactions of course).

It's sort of like saying Joe Dwek, by having 13.6% in SPQ, owns 4% of Big Daddy to do with as they please.

Cliffs right now owns 47% of BD, period. That may go down to 40% in the future with KWG/SPQ earn in option but I doubt we'll ever get to that point...