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BHP Billiton result cut by more than half

The Australian mining company expects less from China as iron ore importer on the short term, and the company's bottom line is cut by more than half in new annual report.

China's demand for iron ore will not be as strong as it has been so far, says BHP Billiton in relation to the publication of its annual report for the fiscal year 2014/2015.

"In the short term we expect ongoing economic reforms in China to contribute to periods of market volatility. And, while we remain confident in the long-term outlook for commodities demand as emerging economies continue to urbanise and industrialise, we have lowered our forecast of peak Chinese steel production to between 935 million tonnes and 985 million tonnes in the mid 2020's," says the company.

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