Fortescue Iron Ore Exports Take Hit From Derailment, Weather [Financial Post (Toronto, Ontario, Canada)]
FORTESCUE METAL GRP S/ADR (FSUGY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Fortescue Ltd., the world's fourth-biggest iron ore miner, said it expects full-year shipments of the steelmaking material to be at the lower end of its guidance after disruptions at its Western Australian mines. The company exported 43.3 million tons in its third quarter, down 6% from the year before, due to an ore car derailment and weather disruptions, it said in a production report released Wednesday. Guidance remained unchanged at between 192 million tons and 197 million tons of shipments for the year to June. Article content Article content Led by billionaire Andrew Forrest, Fortescue has been making headlines in recent years for its string of deals designed to become a major producer of clean fuels and particularly green hydrogen — yet iron ore remains its revenue-earner. Prices of the material, which slumped 29% in the reporting period d
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