Fortescue Profit Slumps Despite Record Iron Ore Shipments
- Result still second highest on record despite China slowdown
- Company to spend up to $700 million on green energy venture
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Fortescue Metals Group Ltd., Australia’s third-largest iron ore miner, posted a 40% drop in full-year profit, as record shipments for the year failed to offset steep declines in prices for the steel-making material amid an economic slowdown in China.
The Perth-based company reported underlying profit of $6.2 billion on Monday, down from a record $10.35 billion last year and almost exactly in line with average analyst projections. Still, the result was Fortescue’s second-highest profit on record.