BHP Billiton Boosts Production To Meet Demand
Mining company BHP Billiton’s iron ore production increased by 14% in the third quarter.
The company expanded its mines in Australia to live up to demand in China.
According to a Bloomberg article,
Iron ore production rose to 24 million metric tons in the three months ended March 31, from 21.1 million a year earlier, Melbourne-based BHP Billiton said today in a report.
Chief Executive Charles “Chip” Goodyear’s $10.2 billion investment in new mines and smelters is adding to rising supply of commodities from rivals including Rio Tinto Group. Demand from China, which has boosted steel production 20 percent a year since 2000, may slow next year, pushing iron ore prices lower, UBS AG analyst Peter Hickson said last week.
BHP Billiton shares went down 36 cents or 2.2%.