FSUMF - Fortescue Metals Group Limited

Other OTC - Other OTC Delayed Price. Currency in USD
5.88
-0.22 (-3.61%)
As of 2:30PM EST. Market open.
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Previous Close6.10
Open5.85
Bid0.00 x 0
Ask0.00 x 0
Day's Range5.85 - 5.88
52 Week Range2.76 - 6.63
Volume1,530
Avg. Volume7,713
Market Cap18.419B
Beta (3Y Monthly)1.13
PE Ratio (TTM)5.71
EPS (TTM)1.03
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend Date2019-05-22
1y Target EstN/A
  • Financial Times

    China-backed JV wins rights to prized Simandou iron ore project

    A Chinese-backed joint venture has secured the rights to develop Simandou, one of the world’s biggest untapped deposits of steelmaking ingredient iron ore. The award to the SMB-Winning consortium, whose investors include Chinese aluminium producer Shandong Weiqiao and the Yantaï Port Group, brings the development of a mine a step closer. Simandou is estimated to contain 2bn tonnes of iron ore and is one of the great prizes in mining.

  • Investing.com

    Asian Stocks Rise on Sino-U.S. Trade Hopes

    Investing.com - Asian stocks rose in morning trade on Monday as China and the U.S. appeared close to agreeing on a “phase one” trade deal.

  • Miner Beating Tech Stocks With 2019 Surge Sees More Gains Ahead
    Bloomberg

    Miner Beating Tech Stocks With 2019 Surge Sees More Gains Ahead

    (Bloomberg) -- China’s old-school appetite for iron ore has catapulted Fortescue Metals Group Ltd. ahead of some of the hottest tech sector giants and a fast-food behemoth as one of this year’s best performing global stocks.Shares of Australia’s Fortescue have more than doubled in 2019, rebounding from two straight annual declines to outpace a 20% advance in the price of benchmark iron ore. It’s a rally that can continue in 2020, according to the exporter’s top executive.“There’s no doubt that strong investment in infrastructure and that continued path to urbanization is still occurring in China,” Chief Executive Officer Elizabeth Gaines said in a phone interview. “We can continue to generate very strong margins.”Fortescue is the the second-best performing stock on the S&P Global 1200 Index, outpacing internet giant Meituan Dianping and Chipotle Mexican Grill Inc. -- and is behind only Canada’s e-commerce platform Shopify Inc. It’s also the top performer this year among Australia’s 50 largest companies.Continued strong demand in China, the top buyer, and work to add new mines that’ll deliver higher-quality products, means the company is positioned to extend its advance, Gaines said.Fortescue, which currently ships cheaper iron ore than key competitors, has been well placed to benefit from this year’s roller-coaster prices. The producer captured gains as iron ore jumped to a five-year high in July after a January dam disaster in Brazil triggered a supply squeeze. It also prospered as steel mills in China responded to rising input costs by seeking out less expensive raw materials.Investments in new mine projects in Australia worth almost $4 billion will see the producer add more premium iron ore, meaning Fortescue will be prepared for an eventual shift back to quality raw materials once profitability improves in China’s steel sector, according to Scott Schier, an analyst at Clarksons Platou Securities Inc.“With mill margins under pressure, mills have focused on raw material input costs and Fortescue has been the biggest beneficiary of this trend,” he said. The new mines mean the company is also “positioning itself for a more diversified and higher-grade product mix at a time when we believe the spread will begin to widen again,” Schier said.Fortescue’s new Eliwana mine is on track to begin exports from December 2020, and the Iron Bridge venture with China Baowu Steel Group Corp. and Taiwan’s Formosa Plastics Corp. is expected to begin production from the first half of 2022, the company said Thursday.Analysts are more cautious and currently have more sell recommendations than buy calls on Fortescue, according to data compiled by Bloomberg. The miner’s advance isn’t likely to continue as prices decline on rising supply, according to Morgans Financial Ltd. analyst Adrian Prendergast. “This isn’t something we view as sustainable,” he said.Even with lower steel production in China next year, Fortescue will benefit as it adds more premium products, lifts export volumes and makes further cuts to production costs, Gaines said in the Thursday interview.“These are sustainable improvements,” Gaines said. “Whether that’s on cost performance, our shipments, or our product strategy: we are delivering every quarter.”To contact the reporter on this story: David Stringer in Melbourne at dstringer3@bloomberg.netTo contact the editors responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net, Keith Gosman, Jake Lloyd-SmithFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • How Many Fortescue Metals Group Limited (ASX:FMG) Shares Did Insiders Buy, In The Last Year?
    Simply Wall St.

    How Many Fortescue Metals Group Limited (ASX:FMG) Shares Did Insiders Buy, In The Last Year?

    It is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we'd be...

  • Fortescue Metals Group (ASX:FMG) Has A Rock Solid Balance Sheet
    Simply Wall St.

    Fortescue Metals Group (ASX:FMG) Has A Rock Solid Balance Sheet

    The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

  • CNBC

    Fortescue's CEO is seeing 'strong growth' in China's steel production

    Amid concerns over the state of the Chinese economy, Australian mining company Fortescue is seeing robust steel production coming from the country, according to its CEO. China is the world's largest steel making country. Data from the World Steel Association show the country increased its share of global crude steel production from 50.3% in 2017 to 51.3% in 2018.

  • Reuters

    Fortescue, Taiwanese partner approve $2.6 billion stage 2 of Iron Bridge Magnetite Project

    (Reuters) - Fortescue Metals Group Ltd said on Tuesday said its unit FMG Magnetite Pty Ltd and Taiwanese joint venture partner Formosa Steel IB Pty Ltd approved the development of stage 2 of the Iron Bridge ...

  • Why Metals Billionaire Andrew Forrest Warns Iron Ore Market Faces A Shortfall
    Investor's Business Daily

    Why Metals Billionaire Andrew Forrest Warns Iron Ore Market Faces A Shortfall

    The global iron ore market may see a shortfall following the dam spill and mine curtailments at supplier Vale according to the founder of Fortescue Metals.

  • Reuters

    Australian miner Fortescue says two driverless trucks involved in low-speed incident

    Australian iron ore miner Fortescue said on Friday that one of its driverless trucks, travelling at low speed, ran into another that was parked at its remote Western Australian operations in an incident earlier this week. Fortescue is retrofitting 100 huge mining trucks with autonomous haulage systems (AHS) at its remote Chichester hub, aiming to more than double its self-driving fleet. "This was not the result of any failure of the autonomous system," Fortescue Chief Executive Elizabeth Gaines said in the statement.