Reported 2 days ago
Fortescue Metals Group experienced a 53% decline in first-half profit, prompting a rethink of its green energy project timelines due to funding uncertainties linked to US grant pauses. The company revised its full-year capital expenditure forecast for its green energy unit to $400 million, down from $500 million, as it faces weaker iron ore prices and lower demand from China's property sector. Shares fell 6.7% following the announcement.
Source: YAHOO