Australia’s Fortescue Metals Group, the world’s No.4 iron ore producer ranks behind Rio Tinto, Vale and BHP Billiton, reported 40% profit fall in first-half.
Iron ore price fell sharply and costs rose as it ramped up production to feed Chinese steel mills result in its largely profit loss.
The net profit was at US$478 million for the six months ended December, compared with the figure of US$$801 million a year ago.
Fortescue Chief Executive Nev Power said that a record operational result of a 32% rise in shipments to 35.7 tons for the half-year had partly offset price volatility.
Meanwhile, shares were down 1.8% to AUD5.09.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=63118&division=A6
