The leading global miner BHP Group (NYSE:BHP) posted its weakest annual result in five years, showing the pressure from lower iron ore prices and China’s softer steel demand. The firm reported underlying attributable profit of $10.16 billion, marking a 26% drop from the prior year.
The weakest performance since 2020 is mainly due to a 19% decline in realized iron ore prices. Fresh supply from Australia, Brazil, and South Africa coincided with sluggish demand in China. Firmer copper prices partially cushioned the drag, as the record output from Chile and Australia helped offset weakness in bulk commodities.
