‘We Don’t See Any Point’: Fortescue Quits Iron Ore Expansion
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Fortescue Metals Group Ltd. said that it’s capping iron ore shipments, becoming the first of the world’s biggest exporters to quit the race to funnel fresh supplies into a market that’s marked by oversupply and tumbling prices.
“We don’t see any point in just continuing to drive any additional production,” Chief Executive Officer Nev Power said on Thursday after the world’s fourth-largest exporter reported full-year shipments jumped by about a third to 165.4 million metric tons in fiscal 2015. The company vowed to hold annual cargoes at around that level after completing expansions.