Strike at Iron Ore Co may come to an end

Strike at Iron Ore Co may come to an end

According to recent news in the market, United Steelworkers of America (USWA) representing workers at Iron Ore Corp of Canada announced that talks with Rio Tinto may start on Monday to end five-week strike at Iron Ore Corp, a subsidiary of Rio Tinto. The number of workers participating in the strike is stated to be 1'400. A spokesman of USWA said that since they will come face to face with Rio Tinto officials for the first time, it is too early to comment on the course of talks. Iron Ore Co, which is 59% owned by Rio Tinto, produced 12 million tons of iron ore pellets in 2003 however contributed just $7 million to Rio Tinto's 2003 earnings of $1.5 billion.