Iron ore majors ramp up supply even as China faces challenges
Iron ore is one of the year’s worst performing major commodities, slumping by almost a quarter as China’s property crisis drags on.
Andrew Forrest, the high profile chief executive of major new Pilbara iron ore miner Fortescue Metals Group Ltd (ASX: FMG), as stepped down as CEO but will become the company’s new chairman.
Forrest is currently appealing the reversal of a court ruling that originally exonerated the group from claims by the Australian Securities & Investments Commission (ASIC) that it made misleading statements in the formative period of the company gaining contracts with Chinese mills and metal houses.
