He said the company plans to offload under-performing non-core businesses and projects this year, and refocus on the businesses that add the most value.

He predicted that iron ore prices will fall to a reasonable level over the short term.

"In recent times, iron ore prices have been high as a result of a number of factors including seasonal issues, destocking of steel mills and strong steel production during the first couple of months," he said.

Earlier this month, Rio Tinto said it expected iron ore prices to drop 50 percent in 18 months, according to a report in the Herald Sun newspaper in Melbourne, Australia.

Another high-level representative from another giant iron ore producer, who declined to be named, also expected iron ore prices to drop, but that a 50 percent drop was too "dramatic".

He said China's iron ore demand had not reached its peak yet.

"The urbanization process and machinery manufacturing will be two growth points for China's steel and iron ore demand," he added.

dujuan@chinadaily.com.cn