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Australian Mining reported that Arrium Ltd. (ASX:ARI) has posted a first-half loss of $1.5 billion, attributed to impairments due to the falling price of iron ore.
Australian Mining reported that Arrium Ltd. (ASX:ARI) has posted a first-half loss of $1.5 billion, attributed to impairments due to the falling price of iron ore.
As quoted in the market news:
The loss was driven by huge impairments on its iron ore assets of $1.3 billion, which the company announced to the market in late January.
Not including the impairments, Arrium reported an underlying net loss after tax of $22 million for the six months to December 31 2014.
Arrium’s managing director, Andrew Roberts, stated:
External factors, including the sharp and substantial fall in iron ore prices, as well as historic low South East Asian steel margins, made the half a very challenging one.