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Fortescue Ltd (FSUGY)

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27.85-0.36 (-1.28%)
At close: 03:55PM EDT
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  • Bloomberg

    Fortescue Hits Brakes on Green Hydrogen Plans and Cuts 700 Jobs

    (Bloomberg) -- Billionaire Andrew Forrest is scaling back his plans to turn Australian miner Fortescue Ltd. into a green hydrogen heavyweight, blaming high energy prices for a setback that has prompted an overhaul of the group and 700 job cuts.Most Read from BloombergUS Floats Tougher Trade Rules to Rein In China Chip IndustryNasdaq 100 Set for Worst Day Since December 2022: Markets WrapBlackRock Says Gunman From Trump Rally Appeared in Firm’s AdTrump Security Tightened on Iran Plot Intel; No Li

  • Reuters

    Australia's Fortescue to cut about 700 jobs; appoints insider Apple Paget as CFO

    The restructuring underscores a weak outlook for iron ore prices as demand from top consumer China slows further due to its struggling property sector, although recent lacklustre economic data raises hopes for further government stimulus. It is not clear whether the job cuts are specific to the Western Australia region or a particular division such as iron ore or green energy, but the company said the process would be finalised by the end of this month. The miner has in recent times consolidated its metals and energy divisions into One Fortescue, as part of a strategy to "simplify its structure, remove duplication and deliver cost efficiencies."

  • Simply Wall St.

    3 ASX Dividend Stocks Offering Up To 9.1% Yield

    The Australian market has shown robust performance, climbing 1.4% in the last week and achieving a 10% increase over the past year, with earnings projected to grow by 13% annually. In this environment, dividend stocks that offer high yields can be particularly appealing for investors looking for both income and potential growth.