Fortesque, the world's fourth largest iron ore producer, has reached a new record level in the processing and production of iron ore. In August 2014, about 15.6 million tons of iron ore were shipped.
Fortesque's chief executive said that the secret of the company's success lies in bringing the entire team together. He added that the team has begun expanding mining operations, and using the newly introduced world-class rail line allows ore to be delivered to the port, allowing the company to increase its iron ore exports.
In August, the company posted net income of $ 2.7 billion, up about 56 percent on an annualized basis. Fortesque executives said the company expected higher iron ore prices to support strong Chinese demand this year. But the opposite happened, and iron ore prices dropped sharply from 2012, and the company had to raise $ 4.5 billion to pay off debt, and Chinese demand slowed its growth.
Fortesque expects fiscal 2015 to be more promising. Next year, the company's management expects iron ore production to reach 155 to 160 billion tons. The company pursues its policy in accordance with the approved production cost reduction procedure. The company has already cut production costs by 23 percent, which is about $ 2 billion.
Fortesque breaks all iron ore shipment records
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Azovpromstal® 5 September 2014 г. 12:45 |
