Fortescue Metals Group Ltd. Thursday said first-quarter iron-ore shipments were up 3% year-on-year, but 8% weaker than the preceding three months. Here are some remarks from its operational report.

On iron-ore operations:

"In a strong start to FY22, mining, processing, rail and shipping combined for record first-quarter shipments of 45.6 million tons, 3% higher than the prior comparable period. Ore processed and railed also achieved record first-quarter volumes, reflecting strong operational performance across the supply chain and expanded system capacity following the ramp up of Eliwana."

On markets:

"Chinese crude steel production was 806 million tons in the nine months to 30 September 2021, an increase of 2% compared to the same period in calendar 2020. Steel production curtailments and energy supply shortages contributed to lower output during the September quarter. Global crude steel production excluding China increased by 15.8% to 660 million tons in the nine months to 30 September 2021. Ex-China crude steel production has returned to pre-Covid levels, supported by the recovery in steel demand."

On the Iron Bridge project:

"The Iron Bridge magnetite project will deliver 22 million tons per annum of high grade 67% Fe magnetite concentrate, with first production scheduled for December 2022. During the quarter, the project achieved key milestones, including: delivery and installation of the first modules to site; installation of the first high pressure grinding roll in the tertiary crushing facility; completion of earthworks for the tailings storage facility; construction of the module offload facility at Lumsden Point; commissioning and operation of the airport. The project is progressing on schedule with the forecast capital investment unchanged at $3.3-$3.5 billion (Fortescue's share $2.5-$2.7 billion)."

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

(END) Dow Jones Newswires

10-27-21 1921ET