Lower ironore prices, higher cost hit RioTinto profit — down 41% in 2022 via CeciliaJamasmie
Rio attributed the bleak results to strict covid-19 measures remaining in place in top steel producer China, which accounts for more than half of the miner’s revenue. This, the miner noted, dragged down iron ore and copper prices from record highs they hit in 2021.
The company, however, said it was “quietly confident” the outlook for the global economy had improved after China, the world’s second-biggest economy, relaxed its pandemic restrictions. The nation is now putting in place policies to boost its economy and Rio Tinto’s boss Jakob Stausholm believes that Chinese demand would be “a stabilizing factor for the global economy in 2023”.
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