Iron ore stocks take a dive

IRON ore plays on the Final Call watchlist plunged in today’s session after the world’s largest steelmaker, ArcelorMittal, announced plans to slash steel production across operations during the current quarter. Fortescue Metals Group closed 10.9% lower at $2.71, Aquila Resources was down 12.5% at $3.43, Mount Gibson down 10.6% at 42c, while Atlas Iron shed 17.8% to close at 76c and Australasian Resources plunged 18.6% to 46c.