Rio Tinto Says China's Iron Ore Demand Robust, Expects GDP To Grow 8%

Date : 05/24/2012 @ 12:58AM
Source : Dow Jones News
Stock : Rio Tinto (RIO)
Quote : 47.82  0.0 (0.00%) @ 9:11AM

Rio Tinto Says China's Iron Ore Demand Robust, Expects GDP To Grow 8%

Rio Tinto (NYSE:RIO)
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Chinese iron ore demand remains robust, Rio Tinto PLC's (RIO) iron ore chief executive said Thursday, adding that the mining giant continues to expect the world's second largest economy to grow 8% this year.

"It is an area of much contention," Sam Walsh said at a Credit Suisse Asia Society function in Sydney, referring to demand levels and sentiment in China.

"But in the short term our view is 'steady as she goes'. In the long term, as China continues its urbanization...steel is going to be very important," he said.

Iron ore is a key ingredient in steel-making.

-By Rhiannon Hoyle, Dow Jones Newswires; 61-2-8272-4625; rhiannon.hoyle@dowjones.com

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