By Rhiannon HoyleFortescue Metals Group on Monday reported a 23% fall in annual profit, in part because of a write-down against the Iron Bridge project in remote northwest Australia. The miner said higher costs and weaker iron-ore prices also more than offset record shipments of the steel ingredient. Fortescue reported a US$726 million noncash impairment against the Iron Bridge project that it owns in joint venture with Formosa Plastics. Fortescue reported record shipments of 192.0 million tons for the period, versus 189.0 million tons a year earlier. Its total dividends for fiscal 2023--of A$1.75 a share--equate to 65% of underlying profit for the year, in line with the company's policy to pay out 50%-80% of profits to shareholders, it said.

Source: Wall Street Journal August 28, 2023 00:48 UTC