Underlying earnings totaled $10.87 billion, down 7.6% year over year. Analysts expected underlying earnings of $11 billion

Rio Tinto Group became the latest mining major to post a slide in annual profit as the industry grapples with weaker demand from its top customer China.

The company, a major iron ore and aluminum producer, reported its underlying earnings slipped 7% to $10.9 billion for 2024, although its net earnings, which factor in impairments and asset disposals, came to $11.6 billion, up 14% compared with 2023.