FMG +4.34%: Shipped 55.2 million tons of iron ore in the 3 months through June, taking its full-year volume to an all-time high of 198.4 million tons. Last year, FMG backed out of a series of green hydrogen projects, citing energy cost concerns. Today FMG said it would altogether abandon its $550 million Arizona Hydrogen Project in the US and its $150 million PEM50 Project in Gladstone — resulting in a pre-tax writedown of $150 million.
- When FMG focusses on digging ore from the ground and shipping it to China in the most efficient way, they tend to do well, and they’re now back to their knitting it seems.
MM is long & bullish FMG
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