Nov 10 (Reuters) - Global iron ore giants led by top-ranked Vale and Rio Tinto are cutting output by 10 percent in the face of slowing steel production growth as the global financial crisis threatens to sap steel demand. Following are measures announced by iron ore miners to cope with reduced demand from steelmakers, as well as tables of the world's top iron ore producers and consumers.

 

Nov. 10 - Australia's Rio Tinto, the world's second-largest iron ore miner, said it would cut 2008 iron ore shipments from Australia by 10 percent to between 170 million and 175 million tonnes because of weakening demand from China.

 

The move reduces output by up to 20 million tonnes from its previously targeted output of around 190 million tonnes in 2008.

 

Nov. 10 - Fortescue Metals Group, Australia's third-largest iron ore miner, has brought forward a planned shutdown of port and iron ore mining processing facilities in Australia for upgrading work, which will affect calendar 2008 production. The firm also said on Oct. 28 it had deferred some spending on expansion and pushed out its target of lifting annual output to 80 million tonnes amid weakening orders from China.

 

Nov. 3 - Gibson Iron, Australia's fourth-largest iron ore miner, said it would temporarily cut a third of its workforce and raise new capital as it cut its sales target in the 2008/09 business year by 30 percent to 5 million tonnes.

 

Oct. 31 - Brazilian miner Vale, the world's top iron ore producer, said it would cut iron ore output by 10 percent from November, for an output cut of 30 million tonnes a year.

 

Oct. 20 - Atlas Iron, Australia's newest iron ore producer, said it had decided to sell its output on China's spot market after failing to tie up long-term contracts.

 

The top three iron ore producers in 2007

 COMPANY           PRODUCTION (MLN TONNES)

 1. Vale                296

 2. Rio Tinto            144.7

 3. BHP Billiton*        112.3

 TOTAL                 553

 

 * Production figures for BHP are for its business year ended June 30, 2008, and for Vale and Rio are for calendar year 2007. Data is from each company. The three companies together control35 percent of the global iron ore market.

 The top five iron ore exporters in 2007:

 

 COUNTRY        EXPORTS

 1. Australia          295

 2. Brazil             275

 3. India              100

 4. South Africa        28

 5. Canada            27

 TOTAL EXPORTS     825

 

 The top five iron ore importers in 2007

 COUNTRY        IMPORTS

 1. China           383 Mt

 2. EU 25          186 (2006)

 3. Japan           139

 4. S.Korea         44

 5. Taiwan          17

 

TOTAL IMPORTS 840 (2007)

 

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