Rio stands against output cuts despite falling prices

Melbourne

RIO Tinto Group, the world's second-largest iron ore producer, said it will keep defending market share and insisted it's wrong to believe cuts to output would lift waning prices, which are headed for a third annual decline.

"If you think for one second that you can just take some volume out and no one else will actually move to fill that volume, then you are fooling yourself," Andrew Harding, chief executive officer for iron ore and Australia, said on Thursday in Perth.

The producer is "vigorously competing against global suppliers for market…