No changes to Rio Tinto's production

Perth

RIO Tinto vowed to continue producing iron ore at full tilt, despite a 55 per cent plunge in prices since the start of last year, underpinned by its forecast that China's steel demand will grow towards one billion tonnes.

While rivals BHP Billiton and Brazil's Vale have lightly tapped the brakes on their medium-term output plans, Rio said on Thursday that it will focus on cutting costs so that it remains the world's most profitable producer. "With iron ore now trading around US$60 a tonne delivered into China, we have more to do to ensure that we maintain the margin between ourselves and other producers," chief executive Sam Walsh said at the global miner's Australian annual meeting.