Rio Tinto Misses Iron Forecast, Shares Drop

Reuters reported shares of Rio Tinto (ASX:RIO,TSX:RIO) dropped on news that it missed its forecast for iron and copper.

As quoted in the market news:

Rio, the world’s second biggest producer of iron ore after Vale and a key supplier to the Chinese steel sector, said Iron ore output dropped 11 percent in the March quarter from the previous three months, with cyclones hampering production and shipments in the southern hemisphere summer.

Click here to read the full Reuters report.