Rio Tinto CEO says slowdown in China is worsening
The chief executive of Australian mining firm Rio Tinto said that the economic slowdown in China was worsening and demand for metals won't rebound until 2009. "It's decelerating more in the fourth quarter than we saw in the third quarter. That is going to lead to a deferred pickup in cumulative demand for most of the things we produce during the course of 2009," Tom Albanese said in an interview with the newswire service in Madagascar. China is the world's biggest buyer of metals and accounts for 17% of Rio Tinto's sales. However, in the third quarter the country's GDP grew at its slowest pace in five years. Analysts say a continued contraction in Chinese economic growth next year could further drive down Rio Tinto's shares.
Source: Bloomberg
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Tags: australia, mining, Rio Tinto, tom albanese
Rio Tinto CEO says slowdown in China is worsening | ChinabyNumbers.com...
The chief executive of Australian mining firm Rio Tinto said that the economic slowdown in China was worsening and demand for metals won't rebound until 2009. "It's decelerating more in the fourth quarter than we saw in the third quarter. That is go...
[...] in demand makes such action inevitable. Announcing the cuts, Rio Tinto CEO Tom Albanese - who last week observed that China’s economic slowdown was worsening - said he expected a short, sharp slowdown, with [...]