Fortescue’s Profit Slides 41% as Miner Sticks to Green Goals
Iron ore falls onto stockpiles at the Fortescue Metals Group Ltd. Cloudbreak mine in the Pilbara region of Western Australia, Australia.
Photographer: Carla Gottgens/BloombergFortescue Ltd.’s full-year profit fell 41% on lower prices for its iron ore, as Chinese demand for the steelmaking ingredient weakens amid its protracted property-sector slowdown.
The world’s fourth-largest iron ore miner reported net income of $3.37 billion for the year to June 30, it said in filings Tuesday. Fortescue used the statement to recommit to its focus on developing green technologies at its Western Australian mining sites, even after being forced to scale back ambitious hydrogen-energy plans in recent years.