Conviction sell Rio downgrade gives entire iron ore sector a bloody nose

Investment bank Goldman Sachs on Tuesday downgraded Rio Tinto (NYSE: RIO) from 'neutral' to 'conviction sell' citing the world's number two miner's over-reliance on iron ore for its earnings. The bank is concerned about the fact that 90% of Rio Tinto's pre-tax profits came from the steelmaking ingredient in 2012 and sees "significant earnings declines if ...