Reported about 8 hours ago
Australia's Fortescue has announced its smallest profit in six years, citing lower iron ore prices and a strategic shift towards core operations and green initiatives. The company's net profit for the past year fell to $3.37 billion, prompting a reduction in dividend payouts. The miner remains committed to developing its 'green iron' production plans, despite postponements in rollout and industry skepticism about Australia’s potential in this sector. Fortescue's CEO emphasized the need for investment in power infrastructure to lower costs, as global competitors like Saudi Arabia advance in the green energy space.
Source: YAHOO