In response to global economic conditions, BHP Billiton Limited (BHP) has undertaken various actions, such as withdrawing from its pursuit of Rio Tinto, adjusting production levels in line with the demand and suspending cash negative operations.

BHP continues with its long-term strategy of investing in value-added projects. During fiscal year 2009, the company sanctioned four growth projects with a capital investment of $5.9 billion.

With its diversified portfolio of low cost and high quality assets and a strong balance sheet, BHP Billiton is well positioned to benefit from a market recovery. Thus, we upgrade the recommendation on the stock from Neutral to Outperform.

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