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09

Iron Ore Billionaire Lends Weight to Call for Supply Inquiry

By Tony Seruga

Forrest sees `aggressive attempt’ to eliminate competition
Rio says no substance to claims and market operates freely

The billionaire chairman of the world’s fourth-largest iron ore producer Andrew Forrest lent his weight to a fresh call for an inquiry into the export of iron ore from Australia, arguing oversupply is hurting competition.

“The supply-side insensitivity, the aggressive attempt to eliminate competition despite the consequences to the Australian economy which we saw last year, deserves investigation,” Forrest, chairman of Fortescue Metals Group Ltd., told reporters at a conference in Perth on Wednesday. His comments followed remarks from Cliffs Natural Resources Inc. that its biggest rivals in Australia had a strategy to crush the competition and it wants a government inquiry…

Iron Ore Billionaire Lends Weight to Call for Supply Inquiry

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