Fortescue Metals Gains on Plan to Cut Debt by $700 Million

  • Producer says repayment will generate $26 milliom in savings
  • Miner has repaid $3.6 billion of debt since July 2015

Fortescue Metals Group Ltd., the world’s No. 4 iron ore exporter, will repay $700 million of a term loan as part of its drive to cut debt. Its shares gained.

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