(Reuters) -- Australian miner Fortescue Metals Group on Monday said its annual profit fell 40% as weaker iron ore prices due to cooling demand from top consumer China, escalating costs and labor shortages chipped away at its earnings.
Annual profit at Fortescue Metals Group, the world's fourth-largest iron ore miner, took a hit as iron ore prices are pressured due to persistent worries over demand from top steel producer China. Its margins were further crimped by rising costs and a labor shortage.
