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| TITLE |
BHP Billiton will not cut iron ore production |
| WRITER |
administrator |
DATE |
2008-11-17 12:06:16 |
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BHP Billiton will not cut iron ore production
November 17, 2008
BHP Billiton has no plans to cut production of the iron ore, despite requests from some customers to defer shipments.
BHP said it had received requests to defer up to 5 per cent, or six million tonnes, of iron ore output from its operations in the Pilbara region of Western Australia.
"It is important to note we are not cutting production,'' BHP Billiton spokesman Peter Ogden said.
"The only reason to cut production is if we either can't sell what we produce or we are losing money, and neither is the case.''
BHP Billiton shares dropped 94 cents, or 3.56 per cent to $25.46 by 10.46am.
Rio Tinto, Brazil's Vale and Fortescue Metals Group have each cut annual production of iron ore by 10 per cent after a slowdown in Chinese demand.
Steel companies worldwide have initiated a significant cut to production amid the global financial crisis leading to a weakening demand for iron ore, a key steel-making ingredient.
Mr Ogden said the company was working with its customers to try to reduce the deferrals.
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