The project, announced in October 2021, is a key plank in Fortescue's ambition to become a major green energy company.

The Iron Bridge Magnetite project, which has been a major plank of the miner's growth strategy, has faced multiple cost blow outs and delays.

Vale said last week that it plans to spend about $1.5 billion this year on repairs related to the disaster.

Steel production accounts for about 7% of the world’s carbon emissions.

There are expectations of rising housing construction and infrastructure development this year in China .

JSW Steel expects exports to pick up in the current quarter, boosted by the withdrawal of an export tax.

"I think we will see renewable energy play a very big part of our overall earnings in the future," said the company's global green ambassador.

Its view contrasts with that of Rio Tinto, which said this week that China's reopening could raise near-term risks of labour and supply-chain shortages.