Industry News

Rio Tinto slashes dividend as profit plunges on slower China demand

Views : 118
Update time : 2023-02-22 20:06:54

LONDON, Feb 22 (Reuters) - Rio Tinto (RIO.AX)(RIO.L) more than halved its dividend on Wednesday after posting a 38% drop in annual profit, hurt by weaker iron ore prices as demand from China slowed, higher labour and material costs.

The Anglo-Australian miner joins other diversified mining companies in reporting lower earnings and shareholder payouts from the record levels reported in 2022, after disruptions lowered output and costs rose for energy, skilled labour, explosives and equipment.

Related News
Read More >>
Fundamentals are mixed; alumina expected to fluctuate Fundamentals are mixed; alumina expected to fluctuate
Feb .21.2025
Fundamentals are mixed; alumina expected to fluctuate
Aluminium prices continue to rise, with some aluminium scrap prices following suit Aluminium prices continue to rise, with some aluminium scrap prices following suit
Feb .21.2025
Aluminium prices continue to rise, with some aluminium scrap prices following suit
Aluminium market: The current situation of transactions and inventory game amid Aluminium market: The current situation of transactions and inventory game amid "Rising" voices
Feb .21.2025
Aluminium market: The current situation of transactions and inventory game amid "Rising" voices
South Korea proposes to impose provisional AD duty on China’s hot-rolled steel plates South Korea proposes to impose provisional AD duty on China’s hot-rolled steel plates
Feb .21.2025
South Korea proposes to impose provisional AD duty on China’s hot-rolled steel plates