Fortescue Iron Ore Exports Take Hit From Derailment, Weather
- Disruptions mean shipments are set for lower end of guidance
- Billionaire Forrest seeking to become clean-energy producer
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Fortescue Ltd., the world’s fourth-biggest iron ore miner, said it expects full-year shipments of the steelmaking material to be at the lower end of its guidance after disruptions at its Western Australian mines.
The company exported 43.3 million tons in its third quarter, down 6% from the year before, due to an ore car derailment and weather disruptions, it said in a production report released Wednesday. Guidance remained unchanged at between 192 million tons and 197 million tons of shipments for the year to June.