Fortescue Metals Group has reported a 40% slump in profit however, the company?s annual profit of $US6.2 billion was the second-highest earnings and operating cashflow in Fortescue?s history.
The Perth-based company said record shipments for the year failed to offset steep declines in prices for the steel-making material amid an economic slowdown in China but the company had experienced a "strong start" to FY23.
Outgoing CEO Elizabeth Gaines said Fortescue was accelerating the transition to a green energy and resources company and was leading the way on decarbonisation.
Fortescue?s shares were down 2.1% following the announcement.