Rio Tinto Plans Major Cost-Cutting Under New CEO

Reuters reported that Rio Tinto, under the leadership of its new CEO Sam Walsh, will initiate major cost-cutting measures as it mitigates a sharp drop in demand for industrial commodities.

As quoted in the market news:

For projects started during the now-defunct mining boom, unchecked costs have become a No. 1 priority for resource companies facing a less robust customer in China, the world’s biggest importer of iron ore, copper and other industrial staples.

Click here to read the full Reuters report.