Bloomberg reported that Rio Tinto (NYSE:RIO) has announced record iron ore production for the first quarter of 2014. The increased outputs will add to a rising global surplus, according to Bloomberg.

As quoted in the publication:

Output rose 8 percent to 52.3 million metric tons from 48.3 million tons a year earlier, London-based Rio said today in a statement. That missed the 54.7 million-ton median estimate of seven analysts surveyed by Bloomberg after bad weather affected mines and ports.

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