Australia cuts iron ore output f'cast, trims copper

Australia slashed its forecast for iron ore output in the year to next July by more than 15 percent as the global steel market withers, suggesting deeper cuts are in store from miners, but made modest reductions in metallurgical coal and copper production...

Rio Tinto Ltd has already reduced its forecast production estimates for 2008 by 10 percent to around 175 million tonnes and said output would grow by only about 3 percent next year. Brazilian rival Vale has also slashed output while BHP Billiton Ltd/Plc has resisted making any sweeping reductions so far.
Demand for iron ore and metallurgical coal, dependent solely on purchases from steel mills, has been particularly hard hit by the global financial crisis as steel makers slash production, reducing the need for raw materials.(china mining)