Australian iron ore company Fortescue Metals Group (FMG) expects to ship 180-185mn wmt of iron ore in FY2022 (July-June). In FY2021, the company shipped 182.2mn mt of iron ore, exceeding the guidance set at 182mn mt. In FY 2020, the company shipped 178.2mn wmt. Shipments in the FY 2022 were the company’s highest ever, according to the report.
The company’s shipments stood at 49.3mn mt in Q4 FY2021. According to its quarterly report, FMG states its performance was outstanding despite the impact of wet weather and COVID-19 restrictions. Ramp up at Eilwana, and its successful integrations and strong performance across the supply chain aided the performance.
The company mined 226mn wmt in FY 2021, up from 204.3mn wmt in the prior year. Shippment were 182.2mn wmt this year.
Shipments increased as crude steel output in China stood at 563mn mt in H1 2021, up by 11.8pc from the prior-year period. In some other countries too, production returned to pre-COVID-19 levels.