Australian mining company Fortescue reports a 41 percent drop in profit for the 2025 financial year, the lowest profit in six years for the iron ore giant.
Revenue for the period was $15.5 billion (A$23.93 billion), a 15 percent drop compared to the 2024 financial year, due to an 18 percent drop in average hematite revenue to $85/dmt.
Total iron ore shipments reached 198.4 million tonnes, a 4 percent increase compared to the previous year.
The world’s fourth-largest iron ore producer has now postponed Fortescue’s most ambitious plans for green iron thanks to green hydrogen in an attempt to calm investor concerns about overinvestment. The company will now focus on its core iron ore business, Reuters reports. A pilot plant for green iron is planned to start operating in 2026, instead of this year as previously planned.
The mining company's share price fell by 2.1 percent after the report.
– The vision is quite clear. You have a customer who wants a greener product. In Australia we are blessed with a lot of iron ore and we are blessed with a lot of free sun and wind, says Dino Otranto, CEO of the company's metals division, according to Reuters.
