Tuesday May 12, 2015, 3:47am PDT Mineweb reported BHP Billiton (NYSE:BHP) would slash its iron ore production cost further and cut spending to counter a drop in commodity prices.
As quoted in the market news,
"Giant iron ore producer BHP and rival Rio Tinto are locked in a battle to become the lowest cost iron producer. At the same time, they are increasing production of the steel ingredient, hoping to squeeze out competitors and gain market share.
BHP Billiton Chief Executive Andrew Mackenzie stated:
"We operate in highly competitive and cyclical markets, where earnings outperformance through the cycle depends on being the most efficient supplier, not supply restraint.