Rio Tinto plc stock price falls 5% as metals slump and China iron ore worries deepen
Rio Tinto shares dropped about 5% to 6,322 pence in late London trade Thursday, underperforming the FTSE 100 as metals prices slumped and oil rose. China’s steel output fell 3.6% while iron ore stockpiles hit a record, raising demand concerns. Rio’s underlying earnings for February were $10.87 billion, below consensus, with iron ore accounting for 60% of profit. Investors showed little appetite to buy the dip amid broader market weakness.