20th Sep 2016 13:19
LONDON (Alliance News) - The chief executive of Rio Tinto PLC has said the company is becoming more optimistic on the outlook for commodities demand in China after recent data pointed to a pick-up in the construction market.
"The drop that we had experienced for the last two or three years in China seems to have plateaued," Jean-Sebastien Jacques said in an interview with Bloomberg Television in New York on Monday. "We are becoming much more what I would describe as cautiously optimistic in relation to China."
China accounts for around half of global commodity demand and half of Rio Tinto's revenue.
The growing optimism from Rio Tinto echoes Ivan Glasenberg, the head of rival Glencore PLC, who said last month said the Chinese market looks "pretty good" in the long term, Bloomberg said.
Jacques, who took over the CEO role in July, also attributed his more buoyant outlook on China to meetings with government officials, suppliers and customers in the country two weeks ago.
http://www.bloomberg.com/news/articles/2016-09-19/rio-ceo-turns-optimistic-on-china-as-construction-improves
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Rio TintoGlencore