BHP Billiton Sees Strong Steel Demand Growth For Next 10 Years - Quick Facts

(RTTNews) - Anglo-Australian mining giant BHP Billiton (BHP, BHP.AX, BBL, BLT.L) summarized on how its focus on productivity and capital efficient debottlenecking in its iron ore business is delivering value. BHP Billiton Iron Ore's President, Jimmy Wilson, reaffirmed the firm's view of the iron ore market and its Western Australia Iron Ore business, at the AJM Global Iron Ore and Steel Forecast conference.

Commenting on the future, he said: "Our market outlook is for continued strong steel demand growth over the next 10 years. Our view that Chinese crude steel production is expected to peak at 1.1 billion tonnes, around 2025, is unchanged."

In China, steel production growth is expected to moderate as steel intensity per unit of GDP drops. Meanwhile, Pig iron growth rates would decrease as scrap use increases. Also, the company is confident that the global demand for iron ore would continue to grow, though at a more moderate rate, driven by urbanisation and industrialisation.

In addition, Wilson confirmed the company's productivity agenda was underway and delivering significant value.