Reported 1 day ago
Fortescue Ltd. reported a 53% plunge in first-half profit, down to $1.55 billion, as iron ore demand from China weakened, despite record shipments of 97.1 million tons. The company reduced its dividend significantly and faced a share price drop of 7% in Sydney. While Iron Bridge, its growth project, is ramping up, production is still below expectations, and ongoing challenges in the steel market and iron ore pricing further pressurize the Perth-based miner.
Source: YAHOO