Anglo American Says Kumba Iron Ore Profits Will Drop 20 Percent

Bloomberg reported Anglo American Plc (LSE:AAL)’s Kumba iron ore unit said profit will drop at least 20 percent this year on lower prices and strikes in South Africa.

As quoted in the market news:

Net income will decline from 17 billion rand ($1.9 billion) in the 12 months through December, the Centurion, South Africa- based company said in a statement today. Profit is estimated to drop 25 percent to 12.8 billion rand, according to the median estimate of 13 analysts in a Bloomberg survey.

Click here to read the full Bloomberg report.