Rio Tinto to condense corporate structure in cost cutting move

• Rio Tinto (NYSE:RIO) says it is restructuring its main product groups into four units, part of its strategy of cutting costs as commodity prices slump.
• Rio is folding its coal and uranium units into existing business divisions, eliminating the job of its energy chief and other corporate roles; it also plans to cut hundreds of jobs in its iron ore unit in the Pilbara region, which it will announce in the weeks ahead.
• Rio's two other divisions, aluminum and iron ore, will not be restructured.