Fortescue Iron Ore Shipments Rise; Cancels Green Hydrogen Projects

By Rhiannon Hoyle

Fortescue reported a rise in annual iron-ore shipments, but said it has cancelled green hydrogen projects in the U.S. and Australia.

The Australian miner, the world's fourth-biggest producer of iron ore, said Thursday it shipped 198.4 million metric tons of the steel ingredient in the 12-month period through June, up 4% from the year prior. Production costs declined by 1%, Fortescue's first annual decline in costs since fiscal 2020.

"As we look to FY26, we're focused on building on this momentum--safely ramping up Iron Bridge, breaking new production records and accelerating our decarbonization efforts, including the advancement of green iron," said Dino Otranto, Fortescue's chief executive of metals and operations.

The company's Arizona Hydrogen Project in the U.S. and PEM50 Project in Gladstone, Australia, will not proceed, Fortescue said. In February, the company said it was reconsidering the development timeframes for those projects amid uncertain market conditions.

Fortescue said on Thursday that it is assessing how it might repurpose the assets and expects to record a write-down of roughly US$150 million in its second-half fiscal results.

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

(END) Dow Jones Newswires

July 23, 2025 19:13 ET (23:13 GMT)