Rio Tinto cuts costs, sticks to steel outlook

Mining giant Rio Tinto is cutting more costs from its iron ore operations and maintaining its forecasts for Chinese steel demand despite growth concerns.

Rio expects Chinese steel production to reach around one billion tonnes by 2030, in contrast to rival BHP Billiton, which recently lowered its expectations to between 935 million tonnes and 985 million tonnes in the mid 2020s.

Rio’s chief executive of iron ore Andrew Harding said the company had achieved productivity gains amid falling prices and market volatility.

by Kim Christian

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