On Monday it announced plans to cut unit costs at Western Australia Iron Ore (WAIO) by at least 25% and the potential to increase capacity there by 65mt per year at a very low capital cost.
The world number two iron ore producer also outlined its view of the long-term supply and demand trends in the iron ore market.
“We continue to see healthy demand growth for iron ore in the mid-term as Chinese steel production is expected to increase by approximately 25% to between 1bnt and 1.1bnt
