August 24, 2012
BHP Billiton announced earnings this week. Profits declined 35%, following the footsteps of deteriorating commodity prices. The materials sector as a whole realized a difficult second quarter. Alcoa dropped 81% in profits, United States Steel suffered before its quick boost in late July, and AK Steel fell 12% over the past three months. After announcing a rough quarter, what can we expect from BHP Billiton going forward? The company will be delaying the building of their Olympic dam project in Australia, but despite the negative news, Fool.com energy editor Joel South reassures investors that it's a good company to stick with long term.
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