Mining and engineering stories don't get any bigger than this --

BHP Billiton has come under immediate pressure either to increase the $US140 billion ($A151 billion) value of its scrip-only takeover bid for its arch competitor, Rio Tinto, or abandon its ambition to become the global king of the superbly lucrative iron ore export business.

CHINA'S steel industry was less than thrilled to wake up yesterday and find it might soon be wrestling with two giant iron ore suppliers rather than three in the tightest iron ore market the modern world has seen.

MINING giant BHP Billiton is believed to be ready to offer mining assets to key customer China to try to win Beijing's blessing for a proposed $US140 billion ($151 billion) takeover of key Australian rival, Rio Tinto.

 BHP Billiton’s daydream deal is not quite a monopoly, in terms of its control of the Pacific Basin iron ore market, but it is as near as makes no difference.