Rio Tinto Warns More Iron Ore Miners Face Pain After Price Slide
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More than 160 million metric tons of iron ore will exit the market this year as the price slump forces high-cost miners to idle capacity, according to the chief executive officer of the world’s second-biggest producer.
“This year we have a forecast that 85 million tons will leave the market and a further 80 million tons are at risk,” Rio Tinto Group CEO Sam Walsh told reporters today in Perth. “At risk means that they are high cost and unless they achieve extraordinary things they are at risk and will exit the market.”