Covid-19 impact: BHP Group's annual profit falls 4%
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Update time : 2020-08-18 16:25:30
BHP Group reported a lower-than-expected annual profit on Tuesday, as the miner warned of slowing economic growth outside China due to the impact of a coronavirus-led downturn.
While a sharp economic recovery in China helped BHP report a 4% rise in annual iron ore output last month and fuelled optimism over future growth, uncertainty over demand growth elsewhere continues to persist.
"We expect most major economies will contract heavily in 2020, China being the exception," Chief Executive Officer Mike Henry said.
The world's largest listed miner also said it was looking to divest its thermal coal operations and intends to focus on higher-quality coking coals.
