Anglo American’s South African unit Kumba Iron Ore said on Tuesday its half-year profit was flat despite a 3% increase in sales, as weak global steel demand impacted prices.
Kumba reported headline earnings per share of 22.26 rand ($1.24) in the six months to June 30, compared to 22.27 rand during the same period last year.
The company said its average realised free-on-board export price was $91 per wet metric ton (wmt) during the six months, 6% lower than $97 per wmt previously.
Iron ore dips on higher inventories
Soft domestic steel demand and a weak property sector in major iron ore importer China pushed prices lower during the period, Kumba said.
The company declared an interim dividend of 16.60 rand.
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