Rio Tinto iron ore output in Q2 up by 13% YoY

July 17, 2008

July 17th (Steel Guru) – Rio Tinto said that its Q2 iron ore output up by 13% to a record on demand from China, the world’s biggest producer of steel.

Mr Tom Albanese CEO of Rio Tinto said that “These strong results show that we are continuing to expand to meet rapid demand growth in the developing world. We have set quarterly production records for iron ore, mined copper and alumina, thanks to increasing investment in growth projects and a management commitment to deliver more tonnes faster, while maintaining our focus on safety and costs.

He said that “The integration of Alcan is proceeding to plan and the business continues to perform well. I am particularly pleased to see how swiftly our Australian coal operations recovered from the first quarter floods.”

He added that “Chinese GDP is continuing to grow at around ten per cent per annum, demand is strong while supply remains constrained. Fundamentals, not financial speculation, are driving the record prices we are realizing across aluminum, copper, iron ore and coal and we see the same trends continuing into the future.”

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