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 ZAR22.26 (US$1.24) in the six months to 30th June, compared to ZAR22.27 during the same period last year.
The company said its average realised free-on-board export price was US$91 per wet metric ton (wmt) during the six months, 6% lower than US$97 per wmt previously.
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 ZAR16.60.
