Fortescue misses profit estimates, shares slide
MELBOURNE (Reuters) -Fortescue reported a slump in first-half profit on Thursday, missing analysts' forecasts, and said it was reconsidering the timeframes for some of its green energy projects given policy uncertainty from the Trump administration. Australia's iron ore majors, including bigger rivals Rio Tinto and BHP reporting this week, have seen profits narrow to pre-COVID-era lows as prices for the steelmaking ingredient came under pressure from slowing Chinese demand, particularly in the property sector. Fortescue, the world's fourth-largest iron ore miner, said underlying attributable net profit after tax fell 53% to $1.55 billion for the six months ended December 31, amid falling prices of iron ore and higher costs.