‘The Answer to That Is No’: BHP Stands by Iron-Ore Expansion
This article is for subscribers only.
BHP Billiton Ltd. defended its strategy of boosting iron-ore output at a time of falling prices and global oversupply, saying that cutting back to reverse the drop would penalize shareholders in the world’s largest mining company.
Should the Melbourne-based company reduce output of the steelmaking raw material, supply would be filled by others, Jimmy Wilson, head of BHP’s iron-ore business, said at a media briefing in Perth, Australia, on Tuesday. Earlier, Wilson told a conference in the city that raising production while also improving efficiency was aiding Australia’s competitiveness.