Commodities
Fortescue Hits Brakes on Green Hydrogen Plans and Cuts 700 Jobs
- The company puts key clean energy production goal on hold
- Australian miner also appoints group chief financial officer
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Billionaire Andrew Forrest is scaling back his plans to turn Australian miner Fortescue Ltd. into a green hydrogen heavyweight, blaming high energy prices for a setback that has prompted an overhaul of the group and 700 job cuts.
Forrest, the company’s founder and executive chairman, has been attempting to pivot from iron ore, which still generates the vast majority of revenue, by investing heavily in green technologies. The company has been hit by a slew of senior departures over the past couple of years, however, raising questions over its strategy.