April 29, 2020 / 10:44 PM / a month ago

Fortescue posts 10% rise in third-quarter iron ore output, hikes forecast

April 30 (Reuters) - Fortescue Metals Group Ltd on Thursday reported a 10% rise in third-quarter iron ore shipments compared with a cyclone-hit period last year, and raised its annual shipments forecast despite the coronavirus pandemic.

Fortescue, one of the big four global iron ore miners, now expects to ship 175-177 million tonnes (Mt) of the steelmaking commodity in 2020. It had earlier forecast shipments to be at the top-end of the 170-175 Mt range.

The company said it shipped 42.3 Mt of iron ore in the three months ended March 31, compared with 38.3 Mt a year earlier, just beating a UBS estimate of 42.1 Mt. (Reporting by Shashwat Awasthi in Bengaluru; Editing by Maju Samuel)

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