Fortescue 4Q Iron-Ore Shipments Down 1% On Year; Annual Exports Hit Top End of Target

By Rhiannon Hoyle

Fortescue Metals on Thursday said full-year iron-ore shipments rose by 2%, despite a dip in fourth-quarter volumes, and forecast exports to rise in the year ahead.

The world's fourth-largest iron ore producer reported shipments of 48.9 million metric tons for the three months through June, taking total volumes for the fiscal year to 192.0 million tons. That was up from 189.0 million tons a year earlier and at the top end of the company's forecast for shipments between 187 million and 192 million tons.

Fortescue said it expects to ship between 192 million and 197 million tons of the steel ingredient in the year through June, 2024.

The miner runs a network of iron-ore mines in remote northwest Australia. The company earlier this year started production at a new site there called Iron Bridge.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

July 26, 2023 19:47 ET (23:47 GMT)

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