Probably missed by most on the board but some interesting thoughts from a senior director at Rio Tinto on steel demand.
Rio Tinto (ASX: RIO) expects to benefit from the rising demand for steel by China with higher iron ore sales, a company executive said at an international conference in Singapore on Wednesday.
With the demand for steel in China expected to grow yearly at a compounded rate of 3 per cent, demand will hit 1 billion tonnes in 2030. Rio Tinto Iron Ore Asia President Alan Smith also forecast the firm will exceed in 2013 its current 2012 record of 147 million tonnes sales of iron ore to the Asian giant.
He shared his optimistic outlook amid analysts' expectation of a global economic slowdown that would affect China and cause commodity prices used as raw materials in industry such as iron ore to contract.