Rio Tinto eyes uranium business for growth

Rio Tinto CEO Sam Walsh poses during a photo call to announce Rio Tinto's 2015 interim results in London, Britain, August 6, 2015. [Photo/Agencies]

"Analysts focused on domestic demand for the steel market, but they overlooked the country's capability for exports, especially in elaborate manufacturing sector."

Walsh's remarks came at a time when the world's second-largest miner has named its copper and coal group chief executive Jean-Sebastien Jacques to succeed him later this year.

Walsh, 66, who will retire from the current position on July 1, said that it is a good timing for the change of CEO, but it does not mean a shift in the company's strategy to continue to focus on low-cost and tier-one assets.

He said the price of iron ore, a key industrial metal seen as a proxy for demand in the global economy, is likely to keep a downward trend this year, but will see a rebound in 2017.

"We have seen prices drop but this is what we expected over time, and I expect as new tons come on (to market), the price will come down for this year," he said, adding the price will not get back to where it stood before.