Rio Tinto eyes $7B in spending cuts, savings

Nov 29, 2012 | 11:28 AM |

Tags  Rio Tinto, iron ore, cost cutting, Tom Albanese

SHANGHAI — Rio Tinto Plc, the world’s second-largest iron ore producer, is aiming to shave $7 billion in costs by the end of 2014 as it pushes ahead with expansions amid "current headwinds."

"We are taking further tough action to roll back the unsustainable cost increases of the past few years and maintaining a relentless focus on improving productivity," Rio Tinto chief executive officer Tom Albanese said during an investor seminar Thursday. ....

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