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Fortescue Revenue Down Regardless of Document Iron Ore Shipments

livemag by livemag
August 28, 2022
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Fortescue Metals Group Ltd., Australia’s third-largest iron ore miner, posted a 40% drop in full-year revenue, as document shipments for the yr struggled to offset steep declines in costs for the steel-making materials amid an financial slowdown in China.

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Bloomberg News

Bloomberg Information

James Fernyhough

A freight train carrying iron ore travels towards Port Hedland, Australia, on Tuesday, March 19, 2019. A two-day drive from the nearest big city, Perth, Port Hedland is the nexus of Australia's iron-ore industry, the terminus of one of Australia's longest private railways that hauls ore about 400 kilometers (250 miles) from the mines of BHP Group and Fortescue Metals Group Ltd. The line ran a record-breaking test train weighing almost 100,000 tons that was more than 7 kilometers long in 2001, and even normal trains haul up to 250 wagons of ore. Photographer: Ian Waldie/Bloomberg
A freight prepare carrying iron ore travels in direction of Port Hedland, Australia, on Tuesday, March 19, 2019. A two-day drive from the closest huge metropolis, Perth, Port Hedland is the nexus of Australia’s iron-ore trade, the terminus of certainly one of Australia’s longest non-public railways that hauls ore about 400 kilometers (250 miles) from the mines of BHP Group and Fortescue Metals Group Ltd. The road ran a record-breaking take a look at prepare weighing virtually 100,000 tons that was greater than 7 kilometers lengthy in 2001, and even regular trains haul as much as 250 wagons of ore. Photographer: Ian Waldie/Bloomberg Photograph by Ian Waldie /Bloomberg

Article content material

(Bloomberg) — Fortescue Metals Group Ltd., Australia’s third-largest iron ore miner, posted a 40% drop in full-year revenue, as document shipments for the yr struggled to offset steep declines in costs for the steel-making materials amid an financial slowdown in China. 

Article content material

The Perth-based firm reported underlying revenue of $6.2 billion on Monday, down from a document $10.35 billion final yr and virtually precisely in keeping with common analyst projections. The outcome was Fortescue’s second-highest revenue on document. 

Article content material

The corporate pays a remaining dividend of $A1.21 per share.

Beneath founder Andrew Forrest, Fortescue has overhauled the agency’s administration aimed toward accelerating a push into clear vitality. The corporate is aiming for its Fortescue Future Industries unit to provide an preliminary 15 million tons a yr of inexperienced hydrogen by 2030 with the goal of serving to sectors together with heavy trade and long-distance transport to decarbonize.

Fortescue Chief Government Elizabeth Gaines mentioned in an announcement the corporate was “accelerating our transition to a vertically built-in inexperienced vitality and assets firm and are main the way in which in decarbonization..

Australian Miner Earnings Defy Gloom, However Headwinds Constructing

Fortescue mentioned it could spend between $600 million and $700 million on Fortescue Future Industries within the coming monetary yr.



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