Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Tuesday, July 1
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Commodities»Fortescue profit plunges as China’s iron ore demand declines
    Commodities

    Fortescue profit plunges as China’s iron ore demand declines

    February 19, 20252 Mins Read


    FORTESCUE’s first-half profit plunged by 53 per cent from the year before as demand for iron ore from the biggest consumer China softened.

    The slump in net income to US$1.55 billion for the six months to December came despite the company reaching its highest-ever shipments of iron ore for a half-year of 97.1 million tonnes. Fortescue sliced its dividend by more than half to A$0.50 cents a share, it said on Thursday (Feb 20).

    Shares of Fortescue fell as much as 7 per cent in Sydney after the announcement.

    Fortescue, helmed by billionaire and chairman Andrew Forrest, last year backtracked on plans to become a green-energy powerhouse and remains less diversified in other commodities than its peers. That’s put the Perth-based miner in the spotlight as China’s steel demand plateaus and iron ore prices stagnate.

    Iron Bridge, Fortescue’s major iron ore growth project, is ramping up but still production remains short of its expected full capacity. The high-grade ore from that mine is marketed at a premium to its other products.

    Fortescue said on Thursday it is aiming to ship up to nine million tonnes of Iron Bridge ore over the current fiscal year and was reviewing the schedule to get to full annual production of 22 million tonnes. Total iron ore shipments from all of the miner’s Pilbara operations are expected to be between 190 to 200 million tonnes for the period.

    Earlier this month, Fortescue announced plans to buy Red Hawk Mining to gain access to an undeveloped iron ore mine near its major Solomon project in Western Australia.

    Fortescue’s result comes just hours after Rio Tinto Group became the latest mining major to post a slide in profit as the industry grapples with weaker demand from its top customer China. Rio posted an annual underlying profit of US$10.9 billion, 7.6 per cent lower than a year earlier.

    The election of a second Trump administration has cast doubts over the future of the Inflation Reduction Act, which will further hinder plans for green hydrogen projects, Fortescue said on Thursday. Prices of iron ore fell 5 per cent in its reporting period. BLOOMBERG

    Share with us your feedback on BT’s products and services



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleExpert: Bitcoin devrait ancrer les stocks d’actifs numériques américains
    Next Article Is a stock market crash looming? Here’s what I’m doing to prepare

    Related Posts

    Commodities

    Indonesia relaxes import rules for 10 commodities, including footwear

    June 30, 2025
    Commodities

    Gold Price Prediction: Yellow metal at 1-month low, but downside looks cushioned. Analysts weigh in

    June 30, 2025
    Commodities

    Indonesia eases import rules ahead of US tariff deadline

    June 29, 2025
    Leave A Reply Cancel Reply

    Top Posts

    Action Ganglong China Property Group Limited | Cours 6968 Bourse Hong Kong S.E.

    July 31, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Commodities

    Commodities broker Marex plans more acquisitions; shares surge after results By Reuters

    August 14, 2024
    Finance

    Stocks fall from records as Tesla, Nvidia lead tech sell-off

    July 11, 2024
    Property

    UK households urged to increase house value by 10 per cent with simple update

    February 16, 2025
    What's Hot

    Property guru Phil Spencer reveals five cheap and easy garden improvements that could add £60,000 to your home

    April 26, 2025

    Bitcoin Super Signal avec un taux de réussite à 100% vient de clignoter à nouveau – ce qui se passe ensuite n’est jamais ennuyeux

    June 6, 2025

    PICC Property and Casualty’s prévoit une augmentation de 100 % de son bénéfice au premier trimestre

    April 14, 2025
    Most Popular

    On finance des pêches qui rendent malades

    May 29, 2025

    MicroStrategy a achèté 1,1 milliard de dollars de Bitcoin

    January 21, 2025

    Wealthfront Advisers LLC Buys Shares of 3,255 iShares U.S. Utilities ETF (NYSEARCA:IDU)

    March 18, 2025
    Editor's Picks

    commodity and currency check, 29 October

    October 29, 2024

    President Jokowi presses for downstreaming of all commodities

    July 12, 2024

    les fondamentaux de l’or restent bons

    September 4, 2007
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.