Fortescue Metals Foresees Notable Surge in Fiscal 2025 Iron Ore Shipments

SEATTLE (Scrap Monster): Fortescue Metals Group released quarterly production report for the period ending 30^th June, 2024.

The iron ore shipments posted 24% sequential surge in the fourth quarter. The company shipped 191.6 million metric tonnes (Mt) of the steel-making commodity in fiscal 2024. It expects to ship between 190 Mt and 200 Mt of the raw material in fiscal 2025. This compares with consensus estimate of 201 Mt of predicted shipments during the fiscal.

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According to company press release, it shipped 53.7 Mt of iron ore in the fourth quarter ending 30, June, 2024. This is significantly higher when compared with the shipments of 43.3 Mt in the previous quarter.

Dino Otranto, Chief Executive Officer, Fortescue Metals noted that it has been an outstanding quarter for the company. The record results demonstrate the efficiencies gained by the company through its recovery plan following the ore car derailment incident in December last year. This was achieved while maintaining 28% year-on-year improvement in Total Recordable Injury Frequency Rate (TIFR), he added.

The company is committed to its previously announced target of Real Zero by 2030. The ongoing green hydrogen projects across Australia, the United States, Norway and Brazil are progressing well, it said.