Falling Iron Ore Prices Force Rio Tinto To Cut Back

Reuters reported falling iron ore prices have forced Rio Tinto (ASX:RIO,NYSE:RIO) to accelerate and deepen a cost-cutting program.

As quoted in the market news:

This follows efforts of competing miners, including BHP Billiton and Anglo American, to tame rising costs at a time of sluggish economic growth and weaker metals prices.

Australia’s Rio Tinto – which gets some 80 percent of its profits from iron ore and is the diversified miner most exposed to fluctuations in the steelmaking ingredient – is cutting jobs in London and Melbourne, a source with knowledge of the situation told Reuters.

Click here to read the full Reuters report.