Rio Tinto 2010 harvest revitalization bear the weight of steel prices in China

 2010 China's steel prices more than seventy major return on sales is minimal, only 2.9%. One of the three major iron ore suppliers Rio Tinto's performance in the recently released report shows that the security of full capacity production by Rio Tinto to double the current inverted yield up to 140 billion U.S. dollars.

Rio Tinto chief executive Tom Albanese said Rio Tinto's Pilbara mines world-class iron ore production has also created a new record.

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Results show that the 2010 Rio Tinto Net debt over the same period from 2009 to 189 billion dollars to 43 billion U.S. dollars, the company's cash flow also achieved a record growth of 23.5 billion, compared with the previous year increased by 70%.

GDP growth in emerging markets and the market supply pressures that despite the increased risk, but the overall market and the commodity price outlook remains optimistic. In particular, the economic stimulus package after the financial crisis, the timing and pace of the withdrawal policy may lead to the instability of commodity prices and volatility. We are ready to respond to short-term fluctuations and long-term demand growth risks,

Albanese said, then, Rio Tinto has committed to investment projects to promote sustainable growth of enterprises. Following the 12 billion U.S. dollars in early 2010 for approval after the adoption of major project investment, Rio Tinto will continue to expand first-class assets. By 2013, the Group will Pilbara mining production reached 283 million tons, and then continue to complete development of Phase II of the project, to yield 333 million tons in 2015 to reach the level. Portfolio diversification in the group, we have a series of projects to promote sustainable growth enterprises, including the Canadian aluminum smelter modernization and expansion plan.

In addition, the company with the new agreement Ivanhoe, Rio Tinto is taking over management in Mongolia's Oyu Tolgoi copper-gold project, and agreed to gradually increase the shares held by Ivanhoe to 49 %. December 23, 2010, Rio Tinto announced that 16 Australian dollars per share in cash solutions to the Australian mining company Riversdale an offer, now the offer has received the unanimous support of the Board of Directors Riversdale, the offer deadline has been extended to March 4 .

surge with the relative performance of Rio Tinto, China's 77 major steel enterprises in total profit last year was only 88.138 billion yuan, sales profit was only 2.9%. So people in the industry worry that, in the new year, Chinese steel prices may again face unbearable pressure on prices of iron ore.