Rio CEO Says Iron Ore Rivals `Hanging on by Their Fingernails'
- Iron ore industry on the verge of unprecedented shake-out
- Only four producers profitable at current price: Citigroup
Rio: Iron Ore Rivals 'Hanging on by Their Fingernails'
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The iron ore collapse has pushed producers to the brink of survival, according to the head of the world’s second-biggest mining company.
“There are a lot of producers that we believed would leave the market that are hanging on by their fingernails,” Sam Walsh, chief executive officer of Rio Tinto Group, said in an with Bloomberg Television in London. “They are burning up cash reserves of their shareholders.”