Fortescue Metals Group Ltd., Australia’s third-largest iron ore miner, posted a 40% drop in full-year revenue, as document shipments for the yr struggled to offset steep declines in costs for the steel-making materials amid an financial slowdown in China.
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(Bloomberg) — Fortescue Metals Group Ltd., Australia’s third-largest iron ore miner, posted a 40% drop in full-year revenue, as document shipments for the yr struggled to offset steep declines in costs for the steel-making materials amid an financial slowdown in China.
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The Perth-based firm reported underlying revenue of $6.2 billion on Monday, down from a document $10.35 billion final yr and virtually precisely in keeping with common analyst projections. The outcome was Fortescue’s second-highest revenue on document.
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The corporate pays a remaining dividend of $A1.21 per share.
Beneath founder Andrew Forrest, Fortescue has overhauled the agency’s administration aimed toward accelerating a push into clear vitality. The corporate is aiming for its Fortescue Future Industries unit to provide an preliminary 15 million tons a yr of inexperienced hydrogen by 2030 with the goal of serving to sectors together with heavy trade and long-distance transport to decarbonize.
Fortescue Chief Government Elizabeth Gaines mentioned in an announcement the corporate was “accelerating our transition to a vertically built-in inexperienced vitality and assets firm and are main the way in which in decarbonization..
Australian Miner Earnings Defy Gloom, However Headwinds Constructing
Fortescue mentioned it could spend between $600 million and $700 million on Fortescue Future Industries within the coming monetary yr.
