Rio Tinto Expects Slower U.S., European Growth
January 17 2022 - 7:32PM
Dow Jones News
By Rhiannon Hoyle
Rio Tinto PLC, the world's No. 2 mining company by market value,
said it is preparing for U.S. growth to slow and the eurozone to
have a softer-than-anticipated start to the year.
Concerns over the Covid-19 Omicron variant and persistent supply
chain problems have been weighing on economic activity in the U.S.,
noted the miner, a major supplier of steel ingredient iron ore and
industrial metals copper and aluminum.
"Peak recovery has likely passed implying GDP growth will slow,
but solid fundamentals remain in place," Rio Tinto said.
Highlighting weakened economic activity in the eurozone late in
2021 it said, "the current level of restrictions suggest a slower
than expected start to 2022, especially for the service-based
economies."
Meanwhile, China is expected to continue to fine-tune its
policies to balance its different priorities, Rio Tinto said,
adding that mild pro-growth measures should help support property,
infrastructure and consumption there.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
January 17, 2022 19:17 ET (00:17 GMT)
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