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Fortescue Forecasts Annual Iron-Ore Shipments at Lower End of Guidance

By David Winning


SYDNEY--Fortescue said it expects annual iron-ore shipments at the lower end of its prior forecast range after an ore car derailment and bad weather affected its operations in the third quarter.

Fortescue had forecast total iron-ore shipments of between 192 million metric tons and 197 million tons in the 12 months through June. The guidance includes a contribution of around 2 million tons from its Iron Bridge project.

Fortescue said it shipped 43.3 million tons of iron ore in its latest quarter, down 6% on year, but that volumes had recovered toward the end of the period.

"The Fortescue team pulled together to successfully implement our recovery plan, and we had a record month for shipments in March of 18.7 million tons," said Chief Executive Dino Otranto.


Write to David Winning at


(END) Dow Jones Newswires

April 23, 2024 18:57 ET (22:57 GMT)

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