Arrium Records First Half Loss of $1.5 Billion

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.

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