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| HOME >> Topics List >> April, 2009 >> 16 (Thu) |
| Rio Tinto's Operational Results For March Quarter 2009 |
| = Significant production drop due to worldwide steel production cuts associated with sluggish economy = |
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Rio Tinto announced April 15 its operational results for the January to March quarter of 2009. Iron ore operations were adversely impacted by the large-scale production cuts across world steel companies, resulting in significant reduction both in production and sales. <Western Australian iron ore> Reduced demand and prolonged heavy rain during the quarter led to decrease in production and sales at Hamersley Iron and Robe River Iron Associates (RRIA). <Canadian iron ore> Operations of Iron Ore Company of Canada experienced a sharp decline due to the temporary shut of pelletizing units in Labrador. In late 2008 it decided to suspend production from two pellet lines. Production from a third pellet line has since been suspended, and a five-week summer shutdown will commence on July 7. Market conditions may require an extension of the shut. <Brazilian iron ore> In January 2009, Rio Tinto reached agreement to sell the Corumbá iron ore mine in Brazil and the associated river logistics operations in Paraguay for $750 million subject to receipt of the relevant regulatory approvals. Completion is expected in the second half of 2009. <HIsmelt> The Company and its joint venture partners placed the HIsmelt plant under care and maintenance, prolonging until April 2010 due to depressed pig iron prices and poor market outlook. |
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| last modified : Tue 21 Apr, 2009 [10:36] |
