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By Praveen Menon and Sameer Manekar
(Reuters) -Australian miner Fortescue Metals Group Ltd said on Monday its annual profit fell 40% despite record shipments of iron ore, due to declining prices of the steelmaking material amid cooling demand from top consumer China.
The profits of Fortescue, the world's fourth-largest iron ore miner, were still the second largest in the company's history. The miner posted record earnings the previous year.
Miners have taken a hit from iron ore prices retreat...
>>> Read more: Fortescue posts 40% profit drop on weak iron ore prices, China slowdown
(Reuters) -Australian miner Fortescue Metals Group Ltd said on Monday its annual profit fell 40% despite record shipments of iron ore, due to declining prices of the steelmaking material amid cooling demand from top consumer China.
The profits of Fortescue, the world's fourth-largest iron ore miner, were still the second largest in the company's history. The miner posted record earnings the previous year.
Miners have taken a hit from iron ore prices retreat...
>>> Read more: Fortescue posts 40% profit drop on weak iron ore prices, China slowdown
