Australia's Fortescue joins rivals BHP and RIO in announcing slashed capital spending plans...

|About: BHP Billiton Limited (BHP)|By:, SA News Editor

Australia's Fortescue joins rivals BHP and RIO in announcing slashed capital spending plans amidst sliding demand and pricing for iron ore. The move comes just days after the company's CEO said all was well in the business and the company expected to triple production within a year. Shares fell 4.2% in Sydney.