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Mineweb reported Rio Tinto (NYSE:RIO) has warned of “continued bumps” in its key iron ore market and stay focused on cutting down costs.
Mineweb reported Rio Tinto (NYSE:RIO) has warned of “continued bumps” in its key iron ore market and stay focused on cutting down costs.
As quoted in the market news,
After losing almost three quarters of its value from a peak of about $190 per tonne in 2011, the outlook for the steel ingredient remains dire, due to a wave of new supply, mostly from the large producers themselves, smothering weaker demand growth.
Rio Tinto’s Chairman Jan du Plessis stated:
The reality is tough out there and as an organization all that we can do is to respond as best as we can in a tough environment.