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Rio Riding High on China's Need for Steel

Rio Tinto is riding high on China's need for steel to set up industries.

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The resurgence of the economy in China has helped the mining industry make record profits with Rio Tinto announcing a 125% increase in profits for the first half of 2010. It reported profits to the tune of $6.4 billion.

Rio was not the only company riding the Chinese boom. Ferrexpo the Ukrainian iron ore producer also reported that its profits had gone up by 257%.

Tom Albanese, the chief executive of Rio Tinto is expecting the demand for iron ore to slow down in the second half of 2010 as the Chinese government is now bringing down its factory construction. The European demand for steel which is also used to make cars has not quite picked up after the recession.

Share holders in the Anglo-Australian company, Rio Tinto would be happy as of now with the company reinstating its interim dividend at US45 cents per share. A payout which had been skipped last year due to the global financial crisis.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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