BHP Plans To Expand Iron Ore Production Aggressively

Published: Jun 1, 2023 17:50

Save

BHP CEO Mike Henry said at the Bank of America Securities 2023 Global Metal Mining and Steel Conference that BHP's Western Australia iron ore production capacity was initially set at 240 million mt per year, but the current actual production is 280-290 million mt. Therefore, they are considering increasing production to 300 million mt per year, and through a low capital-intensive growth method to further de-bottleneck the port and rail system, while launching autonomous delivery trucks to continue to improve productivity.

McHenry said that BHP Billiton's annual iron ore production is expected to increase to 330 million mt, and studies have been carried out to help achieve this goal. These studies are expected to be completed in 2025.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

14 hours ago

https://cafef.vn/viet-nam-don-tin-vui-cung-luc-tu-my-va-nga-18826050409252441.chn

[SMM Steel] Vietnam exported 2.94 mln tons of steel in Q1 2026, up nearly 7% YoY, with March shipments reaching 1.03 mln tons (+23% MoM). The United States remained the largest market, with exports rising 32% YoY, while shipments to Russia surged over 830%, albeit from a low base. Strong growth was also seen in India and Southeast Asia. However, exports continue to face mounting pressure from trade protection measures, including US Section 232 tariffs and EU CBAM and quota restrictions, pushing Vietnamese producers to rely more on domestic demand. Supported by infrastructure investment and real estate recovery, Vietnam’s steel consumption is expected to grow 5–8% in 2026, positioning the domestic market as the key growth driver.

14 hours ago

[SMM Steel] Morocco extends safeguard on HRC imports, posing new hurdle for Vietnam exports

[SMM Steel] Morocco has notified the World Trade Organization of its plan to extend safeguard measures on hot-rolled steel imports for another three years (Jun 2026–Jun 2029), maintaining an additional 19% tariff. The move aims to protect domestic producers from rising import pressure. The extension could weigh on Vietnamese steel exports, requiring exporters to reassess pricing strategies, cost structures, and market positioning. Industry authorities advise firms to diversify export markets and closely monitor trade remedy developments to mitigate risks.

14 hours ago

[SMM Steel] Nucor posts record shipments in Q1 on strong demand and project ramp-up

[SMM Steel] Nucor Corporation reported record quarterly steel shipments of 7.4 mln short tons in Q1 2026, up 8.7% YoY, marking the highest level in its history. Orders also reached 4.7 mln short tons, the strongest since Q2 2021. The performance reflects solid mill execution and contributions from new capacity, alongside strong demand from data centers and the energy sector. Nucor expects full-year shipments to grow by over 5%, supported by favorable demand conditions and ongoing trade protection measures.

14 hours ago