Cardiff faced a challenge in the 1880s when David Davies of Llandinam and the Barry Railway Company promoted the development of rival docks at Barry. Barry docks had the advantage of being accessible in all tides, and David Davies claimed that his venture would cause "grass to grow in the streets of Cardiff". From 1901 coal exports from Barry surpassed those from Cardiff, but the administration of the coal trade remained centred on Cardiff, in particular its Coal Exchange, where the price of coal on the British market was determined and the first million-pound deal was struck in 1907. The city also strengthened its industrial base with the decision of the owners of the Dowlais Ironworks in Merthyr (who would later form part of Guest, Keen and Nettlefolds) to build a new steelworks close to the docks at East Moors, which Lord Bute opened on 4 February 1891.