FSUMF - Fortescue Delays Green Hydrogen Ambitions Reaffirms Commitment To Future Projects | Benzinga
Australian iron ore mining giant Fortescue (OTC:FSUMF) has hit the brakes on ambitious plans to transform into a green hydrogen leader. Management has announced an overhaul after a turbulent period that saw multiple senior executive departures.
While iron ore still generates most of the company's revenue, its founder and executive chairman, Andrew Forrest, has been steering towards green technologies. Still, a Fortescue spokesperson told Bloomberg that the company’s goal of producing 15 million tons of green hydrogen annually by 2030 has been put on hold owing to higher energy prices.
In a statement on Wednesday, Fortescue announced the job cuts as part of an effort to simplify the business structure. However, the company did not specify which departments would be affected by these layoffs.
“It’s a business that’s run hard around its decarbonization strategy. And whilst they haven’t pointed ...