(Reuters) - Mining group Anglo American Plc expects demand for key products to remain soft in the near term and is wary about when commodity markets might improve.
Chief Executive Cynthia Carroll also said on Tuesday that Anglo was well-positioned after strengthening its balance sheet.
"Demand is likely to remain weak in the near term and timing for recovery remains uncertain," said a presentation on Anglo's website for Carroll's speech at the Merrill Lynch mining conference in Barcelona.
A chart showed demand for copper was expected to fall 7 percent this year, iron ore by 8 percent and platinum by 9 percent.
At the same time, Chinese steel inventorites have shot up by 56 percent, another graph showed.
Carroll also said Anglo's debt situation was under control after the gruop raised $3.7 billion in bond issues, got $1.8 billion by selling its remaining stake in AngloGold Ashanti (ANGJ.J: Quote, Profile, Research) and saved $1.6 billion by suspending its dividend.
"No further refinancing required over the medium term," the presentation said.
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