Arrium profit surges on iron ore exports

Steel and mining group Arrium has reported an 83 per cent jump in full-year underlying net profit to $296 million as growth in iron ore exports boosted earnings.

The group’s mining consumables business reported underlying EBITDA of $187 million on slightly lower revenue as demand for grinding media in Australasia.

Arrium managing director Andrew Roberts said the increased earnings reflect the growth of Arrium’s mining business. “We are now realising the full benefits from our mining expansion,” he said in a statement to the ASX.

Read more here: SMH


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