On August 26, 2025, FMG reported a 41% decline in annual profit due to weak iron ore prices dragging down earnings, despite record shipment volumes and lower costs highlighting the miner's operational strength. The world's fourth-largest iron ore producer announced a net profit after tax of $3.37 billion for the fiscal year ending June 30, down from $5.68 billion the previous year. Revenue fell 15% to $15.5 billion as the average price of hematite declined 18% to $84.79 per dry metric ton.

Similarly, BHP also earlier released a report showing a 26% decline in profit, reaching the lowest level in 5 years. The company also attributed the cause to the decline in iron ore prices.