(Bloomberg) -- Fortescue Ltd.’s first-half profit plunged by 53% from the year before, hit by a decline in iron ore prices as Chinese demand for the steelmaking material waned.
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Net income for the six months to Dec. 31 was $1.55 billion, Fortescue said in a stock exchange filing Thursday. It will pay a dividend of A$0.5 a share.
The company, 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.
The 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 $10.9 billion, 7.6% lower than a year earlier.
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