Vale Disappointment Keeps Rio Tinto as World No. 1 Iron Producer

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Vale Disappointment Keeps Rio Tinto as World No. 1 Iron Producer

Bloomberg2022-02-11

Fourth-quarter production came in below the average estimateNickel output recovered from the strike-hit previous quarterRio Tinto Group’s hold on the title of world No. 1 iron ore producer is safe -- ...

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Lonewolf
·2022-02-11
Nice
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AMDidass
·2022-02-11
H
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MuppyKoh
·2022-02-11
Please like
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Jasonngui
·2022-02-11
Great
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That compares with 84.1 million tons for Rio Tinto.Vale lost the title of top supplier in the wake of a tailings dam disaster three years ago. After focusing on safety, it has slowly brought back production while Rio Tinto has suffered from its own rain disruptions and the fallout from a cultural heritage fiasco.Now the two firms are level pegging, even delivering identical 2022 guidance of 320-335 million tons, although Rio Tinto’s is for shipments and Vale’s is for production. In Thursday’s report, Vale kept its 2022 projection despite more rain interruptions last month.Bragging rights aside, the Rio de Janeiro-based company continues to bang the drum of value over volume, wary of flooding a market that’s still recovering from a rout in the second half of last year after China limited steel output to contain pollution and power use. 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