BHP Group (ASX:BHP) has reported a 23% drop in underlying attributable profit to US$5.1bn for the half-year ended 31 December 2024, as lower iron ore and steelmaking coal prices offset gains in copper. Revenue fell 8% to US$25.2bn, driven by a 22% decline in iron ore prices and a 23% drop in steelmaking coal prices.
BHP will pay its lowest interim dividend in eight years—US$0.50 per share, the minimum required under its shareholder returns policy—as slowing Chinese steel demand weighed on profits.
The company continues to invest in growth, allocating US$3.2bn to potash and copper projects and completing a US$2bn joint venture with Lundin Mining. CEO Mike Henry emphasised BHP’s cost discipline and productivity gains, noting that copper now contributes 39% of group EBITDA.
BHP expects continued market volatility, with resilient demand in China and strong growth in India. Ross McEwan will replace Ken MacKenzie as Chair on 31 March 2025.
