The following news item appeared in the international steel industry press.
Title: $$ Fortescue Profit Slumps Dividend Slashed
Date: Mon, 20 Aug 2018 00:20:04 GMT
Report: Ltd. (FMG.AU) more than halved its dividend after a sharp fall in annual profit and offered more detail around plans to reinvigorate earnings by changing the type of iron ore it sells. The worlds fourth-biggest exporter of iron ore on Monday recorded a 58% slump in net profit for the 12 months through June, to US$879 million. High profit margins being realized by Chinese steel mills, uncertainty surrounding environmental restrictions and high coal prices supported increased demand for high iron-content ores, Fortescue said in an annual report on Monday.
Keywords: ore, iron, coal, profit, china, annual, fortescue
Source: Yahoo Finance.
Press release: see full report.
Related: For further information about the steel industry in China, see our Asia-Pacific steel news page.