Fortescue Annual Shipments Edge Higher; Flags $750 Million Iron Bridge Writedown
By Rhiannon Hoyle
Fortescue reported a slight rise in annual iron-ore shipments to a fresh record high, but said it expects to write down the value of its Iron Bridge project by roughly $750 million amid a slower-than-expected ramp up of the mine.
The Australian company, the world's fourth-biggest producer of iron ore, on Friday said it shipped 201.3 million metric tons of the steel ingredient in the year through June, up 1% from the year prior.
Shipments of Iron Bridge concentrate totaled 9.0 million tons, up from 7.1 million tons a year earlier.
Fortescue said it expects to record a noncash impairment against Iron Bridge of around $750 million before tax -- roughly $525 million after tax -- in its fiscal 2026 results. That reflects a revised ramp-up schedule and range of production scenarios, it said.
Iron Bridge is a joint venture between Fortescue and Taiwan's Formosa Plastics.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
July 30, 2026 19:37 ET (23:37 GMT)
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