Fortescue Metals Group Ltd., Australia’s third-largest iron ore exporter, has cut its full-year sales forecast by 15 percent because of slower than anticipated mining rates.
Sales are expected to be 26 million metric tons in the year ending June 30, Perth-based Fortescue said today in a statement to the Australian stock exchange. Shipments fell to 6.17 million metric tons in the three months ended March 31, from 6.28 million tons in the previous quarter, it said.
Cia. Vale do Rio Doce and Rio Tinto Group, the world’s two largest iron ore exporters, have slowed output as the worst recession since the Great Depression slashes demand from steelmakers. Fortescue started production from a mine, rail and port operation in Western Australia last year.
Source: Bloomberg
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