FORTESCUE’s first-half profit plunged by 53 per cent from the year before as demand for iron ore from the biggest consumer China softened. Read more at The Business Times.

Underlying earnings totaled $10.87 billion, down 7.6% year over year. Analysts expected underlying earnings of $11 billion

Rio Tinto reported its smallest full-year underlying earnings in five years on Wednesday that also came in below expectations, as lower prices for iron ore outweighed growth in its copper and aluminium businesses.