Rio Tinto Upbeat on Steel Outlook, Doubles Down on Costs
03 September 2015 - 2:02PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Rio Tinto PLC (RIO.LN) expressed confidence in the
outlook for demand for its iron ore on Thursday, as the company
forecast global steel demand to rise an average 2.5% a year until
2030.
The miner, the world's No. 2 exporter of iron ore, projected
non-Chinese steel demand to increase 65% over that period, and
reiterated an earlier estimate that China would produce one billion
tons of crude steel a year by 2030.
Rio Tinto said it expected to see "growing global demand for
high-quality iron ore."
Its iron-ore chief executive, Andrew Harding, meanwhile said the
miner was determined to deepen cost cutting at its operations in
Western Australia's Pilbara mining region, with "some 400
efficiency initiatives" being undertaken.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 02, 2015 23:47 ET (03:47 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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