In the heady days of 2006 and 2007 at the peak of the commodity supercycle, bankers advising metals and mining companies were most focused on which company should buy which, and who of them had the most legitimate claim to be called the “Man of Steel”. Today, with deal volumes subdued, it is nerves of steel that are in demand.

China's insatiable demand for commodities helped drive commodity prices, and M&A volumes, to record highs in the years leading up to the financial crisis. Mergers and acquisitions activity in the sector reached its peak in 2007, as a wave of consolidation pushed total deal values past $260bn for the full year.