Latest news with #RioTintoGroup
Bloomberg
16-07-2025
- Business
- Bloomberg
Trump Says Drug Tariffs Are Probably Coming
By and Eleanor Thornber Save Good morning. Donald Trump turns his tariff focus to drugs. Would you trust private equity with your 401(k)? And basketball is set for a growth spurt. Listen to the day's top stories. Donald Trump said he'll probably impose tariffs on pharmaceuticals as soon as the end of the month, and has plans to place levies on semiconductors too. Both risk driving up costs for ordinary Americans. Meanwhile, mining giant Rio Tinto Group said US tariffs on its Canada-made aluminum cost more than $300 million in the first half. Canadian Prime Minister Mark Carney said trade negotiations with the US will 'intensify,' but hinted tariffs will stay.
Mint
16-07-2025
- Business
- Mint
Iron Ore Tops $100 for First Time Since May on China Sentiment
Iron ore rose above $100 a ton on improving sentiment over Chinese economic growth, and as Rio Tinto Group brought forward its timeline for the first shipment from a massive mine in Guinea. Futures were up more than 1%, heading into triple figures for the first time since May. The steel-making ingredient has recovered over the past few weeks as Chinese officials pledged to tackle excessive competition and outdated capacity, as well as deliver additional property-led policy measures. Rio said shipments of around half a million to 1 million tons would be exported from the Simfer mine's block 3 and 4 in Guinea starting November, instead of next year. The Simandou project, a joint venture divided into four blocks between Rio, Winning Consortium and others, is estimated to have total capacity of 120 million tons. Analysts at Royal Bank of Canada expect a ramp-up to 12 million tons in 2026, not reaching 48 million tons until 2028, according to a note to investors. Analysts at Citigroup Inc. were doubtful as to how long the rally would last, with prices currently above market fundamentals, according to a research note. 'We see gradual decline in steel output rather than a one-size-fits-all 50 million ton cut,' analysts including Shreyas Madabushi said. Iron ore rose 1.1% to $100.10 a ton in Singapore as of 11.57 a.m. local time, while yuan-priced futures in Dalian advanced. Shanghai steel contracts were mixed. Rio reported second-quarter iron ore shipments from Australia's Pilbara, the world's biggest supplying region, steadied at 79.9 million tons. This was slightly under analyst estimates of 81.93 million tons. This article was generated from an automated news agency feed without modifications to text.
Bloomberg
16-07-2025
- Business
- Bloomberg
Iron Ore Tops $100 for First Time Since May on China Sentiment
Iron ore rose above $100 a ton on improving sentiment over Chinese economic growth, and as Rio Tinto Group brought forward its timeline for the first shipment from a massive mine in Guinea. Futures were up more than 1%, heading into triple figures for the first time since May. The steel-making ingredient has recovered over the past few weeks as Chinese officials pledged to tackle excessive competition and outdated capacity, as well as deliver additional property-led policy measures.
Mint
16-07-2025
- Business
- Mint
Rio Says Trump Tariffs Added $300 Million in Costs for Aluminum
Bloomberg Published 16 Jul 2025, 09:01 AM IST Mining giant Rio Tinto Group said US tariffs on its Canada-made aluminum generated gross costs of more than $300 million in the first half, in another sign of how President Donald Trump's trade agenda is shaking up metals supply chains. The world's second-biggest miner is also Canada's biggest aluminum producer, and sells the vast bulk of the metal in the US. The miner said it incurred gross costs of $321 million associated with US tariffs on aluminum, but it added that a 'substantial part' of that has been clawed back from higher premiums on US sales. Metals industries are adjusting to the trade tumult unleashed by Trump this year. He slapped blanket 25% import fees on steel and aluminum in March, before raising those to 50% in June. A planned 50% tariff on copper triggered market mayhem, and the administration is probing potential measures on other metals. Rio said premiums in the US market — paid on top of exchange prices — rapidly adapted to the initial 25% tariff, but were not fully compensating for the 50% level by the end of the second quarter. The company shipped about 723,000 tons of aluminum to the US in the first half — equivalent to about three quarters of its output from Canada. Futures tracking aluminum prices in the US have pointed to higher costs for American buyers. Contracts linked to the premium on the metal delivered to the Midwest have almost tripled this year to reach nearly 66 cents a pound, the highest since 2013. This article was generated from an automated news agency feed without modifications to text.
Mint
15-07-2025
- Business
- Mint
Rio Tinto Names Iron Ore Boss Simon Trott as Miner's New CEO
(Bloomberg) -- Rio Tinto Group has named its iron ore boss Simon Trott as its new chief executive officer, replacing the outgoing Jakob Stausholm. Trott, 50, takes on the role after Rio sought a leader with more mining experience to focus on portfolio growth. Rio has many expansions in the pipeline, including a $13 billion splurge on iron ore, a range of new lithium projects, and plans to keep growing in copper. While Rio considered external alternatives, the company's top candidates were widely considered to be internal — including Jérôme Pécresse, CEO of the aluminum unit, and Chief Commercial Officer Bold Baatar. Trott was seen as a good fit for the role as head of Rio's biggest and most profitable division — even if he only assumed leadership of iron ore four years ago. Prior to that he was chief commercial officer and had spent nearly two decades in a range of operational and business development roles at the company. 'Simon came into our iron ore business at a time of significant challenges and has been instrumental in rebuilding culture, strengthening external relationships and setting us on a pathway for growth,' Rio Chair Dominic Barton said in a statement. Trott will start as CEO on Aug. 25. Stausholm joined Rio in 2018 before being propelled to CEO after Rio blew up a 46,000-year-old sacred site in Western Australia. Despite early criticism, Stausholm successfully rebuilt the company's tattered reputation and reset relationships with traditional owners, while also unlocking new areas of growth. The new leader faces his own challenges, taking the helm of a giant miner that's preparing for a new leg of growth and a new focus on expansion. In iron ore, the company is set to bring into production its massive Simandou project in Africa's Guinea, while also spending billions over the next three years in maintaining and boosting output from Australian mines. Rio completed the acquisition of Arcadum Lithium Ltd. earlier this year, a rare bet by a major diversified miner on the battery metal. That move marked a return to acquisitions for a company that had shied away from deals for years after previous debacles during earlier boom times. Growth will be top of the agenda for Trott in his new role. Last year, Rio was in talks about a potential merger with Glencore Plc, which would have seen the birth of a combined company even bigger than rival BHP Group Ltd., according to people familiar with the matter. (Updates with details throughout. An earlier version of this story corrected Trott's previous job title.) More stories like this are available on
