Further Supply Disruptions to Boost Near-Term Iron Ore but Declining Steel Demand in China Looms
BHP will need a much stronger second half to deliver on production and cost guidance and our full-year profit expectations. First-half fiscal 2019 adjusted net profit after tax of USD 4.0 billion was in line with the first half of fiscal 2018. Adjusted earnings were also flat versus a year ago at USD 0.76 per share.BHP’s shares have risen with the Vale disaster and the iron ore price. Higher commodity prices and increased investor risk appetite in 2019 following the correction in late 2018 have...
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