By David Winning

SYDNEY--Fortescue Metals Ltd. shipped a record 44.3 million metric tons of iron ore in its fiscal first quarter, as it capitalized on a sustained period of high prices for the steel-making commodity.

Fortescue said quarterly shipments were 5% higher than a year ago, while C1 costs were 2% lower at US$12.74 per wet metric ton.

The Australian miner said its average revenue in the quarter was US$106 per ton, helping it to return to a net cash position of US$1.0 billion at the end of September from US$300 million in net debt on June 30.

"Fortescue has delivered a strong start to the 2021 fiscal year across all key measures of safety, production and cost," Chief Executive Elizabeth Gaines said. "Robust demand from our customers contributed to an increase in revenue realization, 31% higher than the June Quarter and above the 27% increase in the average Platts 62% CFR Index."

On Thursday, Fortescue kept its guidance for shipments, C1 costs and capital expenditure in fiscal 2021 unchanged.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

10-28-20 1853ET