Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Fortescue Metals Group Limited
  6. News
  7. Summary
    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 09/23
15.53 AUD   +1.04%
09/22FORTESCUE METALS : Names New COO Iron Ore; Shares Jump 3%
MT
09/22FORTESCUE METALS : Ord Minnett rates FMG as Buy
AQ
09/22Fortescue Metals Group Limited Announces Executive Appointments
CI
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Fortescue Annual Iron-Ore Shipments Up, Costs Also Rise -- Update

07/28/2021 | 05:57pm EDT

By Rhiannon Hoyle

SYDNEY--Fortescue Metals Group Ltd. said it shipped record annual volumes of iron ore as it benefited from sky-high prices for the steel ingredient, but that it continued to face pressure from rising costs.

Fortescue, the world's No. 4 iron-ore exporter, reported shipments of 182.2 million metric tons for the 12 months through June, up 2% on a year earlier. That followed fourth-quarter shipments of 49.3 million tons, which were 4% higher on a year ago and also a record level for Fortescue.

"This was an outstanding performance despite the impact of wet weather, as well as Covid-19 restrictions requiring many of our team members to remain on site for extended periods during WA's lockdowns," Chief Executive Elizabeth Gaines said, referring to pandemic-related restrictions in Western Australia state where Fortescue's iron-ore mines are located.

Fortescue expects shipments to be broadly steady in the year ahead. The miner said it expects to ship between 180 million and 185 million tons of the commodity in the year through June, 2022.

Iron-ore prices hit a record high in May, largely because of red-hot Chinese steel output. China's first-half steel output was up 12% on the year-earlier period, while steel production elsewhere in the world has also been largely rising.

Fortescue said average full-year revenue totaled $135.32 a ton, up 72% on the year prior. That reflected "strong market conditions and sustained demand for Fortescue's products," the company said. It reported record average revenue for the fourth quarter of $167.95 a ton.

That windfall led to a net cash balance of $2.7 billion at the end of June versus net debt of $1.0 billion at March 31.

Still, Fortescue said it is grappling with cost increases, reporting a 17% year-on-year jump in so-called C1 costs for the quarter, to $15.23 a ton. Full-year C1 costs--which don't include expenses such as royalties, shipping and overheads--were up 8% at $13.93 a ton.

The company, like its peers, is battling rising costs linked to the pandemic as well as broader inflationary pressures, it said.

"Productivity gains through innovation and technology remain a focus to mitigate mine-plan cost escalation, materials and consumables inflation and a strong labor market," said Fortescue.

The miner forecast costs of between $15.00 and $15.50 a ton in its current fiscal year.

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

(END) Dow Jones Newswires

07-28-21 1957ET

All news about FORTESCUE METALS GROUP LIMITED
09/22FORTESCUE METALS : Names New COO Iron Ore; Shares Jump 3%
MT
09/22FORTESCUE METALS : Ord Minnett rates FMG as Buy
AQ
09/22Fortescue Metals Group Limited Announces Executive Appointments
CI
09/21Australia shares fall as subdued copper prices weigh on metal stocks
RE
09/21FORTESCUE METALS : VTEC program continues to provide training and employment opportunities..
AQ
09/20Asia markets, yuan fight to stabilize as Evergrande looms large
RE
09/20Australia shares fall on weak financials, tech; China Evergrande spooks markets
RE
09/20FORTESCUE METALS : VTEC program continues to provide training and employment opportunities..
PU
09/19VULCAN ENERGY RESOURCES : Names New Chief Communications Officer; Shares Fall 5%
MT
09/17Australia shares post second weekly drop as iron ore miners hit multi-month lows
RE
More news
Analyst Recommendations on FORTESCUE METALS GROUP LIMITED
More recommendations
Financials (USD)
Sales 2022 19 872 M - -
Net income 2022 8 915 M - -
Net cash 2022 180 M - -
P/E ratio 2022 4,04x
Yield 2022 18,5%
Capitalization 34 873 M 34 863 M -
EV / Sales 2022 1,75x
EV / Sales 2023 2,43x
Nbr of Employees -
Free-Float 50,6%
Chart FORTESCUE METALS GROUP LIMITED
Duration : Period :
Fortescue Metals Group Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FORTESCUE METALS GROUP LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Last Close Price 11,33 $
Average target price 13,65 $
Spread / Average Target 20,4%
EPS Revisions
Managers and Directors
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
Ian Wells Chief Financial Officer
John Andrew Henry Forrest Chairman
Fernando Pereira Director-Operations & Pilbara Operations
Mark Bradley Barnaba Deputy Chairman
Sector and Competitors
1st jan.Capi. (M$)
FORTESCUE METALS GROUP LIMITED-33.72%34 863
VALE S.A.-9.77%83 198
KUMBA IRON ORE LIMITED-17.32%11 420
CSN MINERAÇÃO S.A.0.00%6 350
NMDC LIMITED24.91%5 744
FERREXPO PLC13.59%2 622