The Wall Street Journal reported today that Australia’s Fortescue Metals Group (ASX:FMG) will increase its iron ore shipments by up to 29 percent over the coming year. The company hopes to bring down costs as it increases production, according to the Journal.
As quoted in the publication:
The world’s No. 4 iron-ore miner said it would aim to ship between 155 million and 160 million metric tons of the steelmaking ingredient in the year through June, 2015. Fortescue exported 124.2 million metric tons of the steelmaking ingredient in its last fiscal year—just below its guidance of 127.0 million tons.