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Rio Tinto, the $103 billion metals company, warned of deteriorating demand. “Our order books are full and pricing is strong, but it is noticeable that markets are somewhat weaker than they were six months ago,” said CEO Tom Albanese. According to a company press release, “[C]ustomer sentiment is now more cautious and physical markets are softer than they were six months ago, reflecting concerns over the health of the OECD economies and persistent volatility in financial markets.”Coal miner Alpha Natural Resources warned of “reduced metallurgical export shipments to Asia due to unexpectedly curtailed customer activity levels.” It now expects to ship 102.5 million tons to 109.5 million tons, down from previous guidance of 104 million tons to 112 million tons.
In early trading Rio Tinto is down 2%. Alpha Natural is down 6%.
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