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BHP gloomy on short term, defends Rio decision | Reuters

BHP gloomy on short term, defends Rio decision

By Sonali Paul

MELBOURNE (Reuters) – Global miner BHP Billiton painted a gloomy near-term outlook for metals demand on Thursday as it defended its decision to drop a $66 billion bid for rival Rio Tinto.

BHP, facing its shareholders for the first time since walking away from the Rio bid on Tuesday, told its Australian annual meeting that uncertainty in commodities markets would continue in the short term and it was ready to close loss-making operations.

“There is no doubt that these are very challenging times, uncertainty in the shorter-term outlook remains and we do not expect to be immune from the changes in the world economy,” Chief Executive Marius Kloppers told shareholders in Melbourne.

BHP gloomy on short term, defends Rio decision | Reuters

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November 27, 2008 - Posted by | Uncategorized

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