Global demand for iron ore was strong, backed by Chinese steel production; BHP Billiton (BHP, Financial) benefitted from rising prices of both iron ore and copper. The company also responded to an activist investor, enacting numerous asset allocation, operational and management measures most of which were in process already. Finally, BHP released robust fiscal year 2018 guidance across iron ore, copper, and coal but remained cautious on the petroleum business outlook. They decided to sell U.S. onshore (shale) oil properties.
From Bernard Horn (Trades, Portfolio)'s third quarter 2017 shareholder commentary.
