The Fortescue Metals Group Ltd (ASX: FMG) share price ended August in the red.
Shares in the S&P/ASX 200 Index (ASX: XJO) mining stock closed July trading for $21.68 apiece. On 31 August, the company's shares ended the day at $21.43, putting the Fortescue share price down 1.2% over the month.
While that's a loss, the big miner outperformed the ASX 200, which fell 1.4% over the month.
Here's what investors have been considering.
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What happened with the ASX 200 iron ore miner in August?
The iron ore price dipped over the first half of August before recovering most of those losses, ending the month at US$117 per tonne. The strength of the iron ore price surprised most analysts and offered some solid tailwinds for the Fortescue share price.
August also saw Fortescue report its FY 2023 results. This came amid increasing concerns about the costs of the company's green energy and sustainability ambitions.
While Fortescue reported a 19% year-on-year increase in free cash flow to US$4.3 billion, revenue declined 3% to US$16.9 billion.
And profits took a bit hit, with net profit after tax (NPAT) coming in at US$4.8 billion, down 23% from FY 2022.
As you'd expect, this also resulted in a 17% reduction in the fully franked final dividend, which fell to $1.00 per share from $1.21 per share in FY 2022.
The Fortescue share price closed down 5.1% on the day of reporting, although it regained those losses – and more – over the following two trading days.
And in August, investors also learned that CEO Fiona Hick, who only took over the reins at the ASX 200 miner six months ago, was resigning. Fortescue announced that Dino Otranto would replace Hick in the top job.
That rapid turnaround in the company's high-level management continued over the following week, with two other leading executives walking away from their jobs.
Fortescue share price snapshot
On 26 July, the Fortescue share price was up 16% year to date. Then things took a sharp turn for the worse.
Since 26 July, shares in the ASX 200 miner have plunged, leaving the stock down 2% in 2023.
