By REUTERS
January 18, 2016
, the No. 2 iron ore producer, says it plans to increase production and shipments, defying a collapse in prices as it takes advantage of its position as the world’s lowest-cost producer. It reported an 11 percent rise in annual iron ore shipments, roughly in line with its guidance of 340 million tons, and said it expected to produce and ship 350 million tons in 2016, including its mine co-owners’ volumes. Its strong output, low costs and sharp cuts in capital spending are expected to help it maintain or raise its dividend at least for the next 12 months, even with commodity prices at multiyear lows.