Rio Tinto warned on Friday that a resurgence in coronavirus cases was putting global economic growth at risk, and that steel production outside China has sharply dropped even as stimulus measures prop up demand in the top consumer.
FILE PHOTO: A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray/File Photo
But data suggests “the rate of recovery in growth is slowing in most economies, with pent-up demand dissipating, and the rise of renewed lockdowns threatening recovery”, it added. However, steel production in Japan, South Korea, Taiwan and Europe are showing signs of recovery, it added. Rio also said the start of production at its Winu copper project in Australia’s Pilbara region could be delayed beyond 2023 because talks with indigenous traditional land owners could take longer than anticipated.
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