SYDNEY: Australia’s Fortescue Metals Group reported a 4% fall in half-year profit as steep cost cuts largely offset a slump in iron ore prices, and flagged it will be on the lookout for acquisitions at a later date.
Fortescue, Australia’s third biggest producer behind Rio Tinto and BHP Billiton said yesterday its debt repayment schedule would allow it to look for distressed assets in about 18 months.
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