Rio Tinto CEO Simon Trott outlined a plan on Thursday to generate $5 billion to $10 billion through divestments and productivity growth, as he moves to simplify the structure of the world’s largest iron ore miner. Investors had been waiting for the details since Rio Tinto announced in August it would streamline its business to three core units from four and focus on profitable assets. Assets up for sale include Rio’s titanium and borates businesses.
Rio Tinto joins global peers in efforts to become leaner and more focused by selling non-core assets, cutting jobs, and tightening capital to boost investor appeal amid shifting commodity cycles and pressure for higher returns.
