Fortescue interim profit slumps, eyes China

Australia’s Fortescue Metals Group, the world’s No.4 iron ore producer, reported a 40 per cent fall in first-half profit due to weak iron ore prices but flagged resurgent demand from Chinese steel makers.

Like larger rivals Rio Tinto and BHP Billiton, Fortescue was hit by rising costs and an unexpected slump in the iron ore price, but noted prices had rebounded since bottoming in September last year at around US$88 a tonne.

via Business feed http://www.scmp.com/business/companies/article/1154605/fortescue-interim-profit-slumps-eyes-china