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News from the Import Industry

July 13, 2009

DJ Rio Tinto Sought $9B From Chinese Steel Industry -Report

BEIJING, Jul 12, 2009 (Dow Jones Commodities News via Comtex) -- RTP | Quote | Chart | News | PowerRating -- Rio Tinto PLC (RTP) in June sought US$9 billion of compensation from China's steelmakers, 21st Century Business Herald reported over the weekend, citing an official at a big Chinese steel company.

Iron-ore company Rio Tinto sought compensation because Chinese steelmakers delayed or canceled the delivery of goods, the paper said, without identifying the official or the official's company.

Rio Tinto "asked us to compensate for the contracts we weren't able to fulfill during the financial crisis," said the official, according to the report.

BHP Billiton Ltd. (BHP), another major iron-ore company, also sought compensation around the same time that Rio Tinto did, said the paper.

BHP Billiton said in November that major Chinese customers were trying to delay purchases of iron ore as China's building boom slowed sharply.

Sun. July 12, 2009; Posted: 06:25 AM

SOURCE: TRADINGMARKETS.COM

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