BHP Confirms Coming Job Cuts In Iron Division

Sydney Morning Herald reported BHP Biliton (NYSE:BHP) has confirmed it will cut job in its iron ore operation due to falling demand from China.

As quoted in the market news:

BHP Billiton has matched the World Bank’s pessimistic outlook for the Chinese economy, by confirming that job cuts are afoot within its flagship iron ore division.

Confirmation that BHP has started redundancy and redeployment talks with workers in its iron ore division coincided with the latest World Bank report predicting the slowdown in the Chinese economy will be “more pronounced” than expected.

Click here to read the full Sydney Morning Herald report.