Fortescue Mining Sees Increase

Shares of Australian miner Fortescue rose 6% on Monday, as the mining giant reported full-year profits that hit another record high. Net profit after tax reached $10.3 billion, up 117% from a year ago. This is the second straight year of record profits for the company. Analysts have been bullish on miners as iron ore prices surged this year, boosting profits for mining companies. Demand for iron ore has spiked on strong Chinese steel demand — steel is made from iron ore. On the other hand, supply has dropped as the Covid-19 pandemic has affected output in some mines. These conditions have contributed to Fortescue’s success.