The stock price of Freeport-McMoran Copper & Gold tumbled this past year along with demand for copper, but the company is cutting costs to weather the storm and looking to developing countries to lead its recovery, its CEO says.
"By the end of September we realized we had to turn completely around and start cutting high-cost production, deferring capital expenditure and adjusting our business so that we could live within our cash flows," said Richard Adkerson, president and CEO of Freeport McMoRan.