By Rhiannon Hoyle

Fortescue on Thursday reported a rise in second-quarter iron-ore shipments, and said first-half exports of the steel ingredient were the highest in its history.

Fortescue, the world's fourth-biggest iron-ore producer, said it shipped 49.4 million metric tons in the three months ended Dec. 31. That was 1% higher than the same period a year earlier and 4% higher than the quarter immediately prior.

The company reiterated an annual production forecast of between 190 million and 200 million tons for the year through June, 2025. It shipped 191.6 million tons in fiscal 2024.

Fortescue said it reached the half-year record, shipping 97.1 million tons, despitewet weather in Australia's Pilbara region, where its mines are located. Operations were supported by healthy inventory through the supply chain, Fortescue said.

"We achieved this while maintaining our focus on safety, as well as driving costs lower," said Dino Otranto, the head of Fortescue's metals business.

Fortescue reported That was 4% higher than the same period a year earlier, but 10% below what it reported for the first quarter of the fiscal year.

In addition to the hematite mines it runs, Fortescue has been ramping up

The miner is seeking to branch out from iron ore to build a clean-energy business, although has faced challenges in working out how to produce green hydrogen cheaply enough.

Fortescue on Thursday said it continues to advance work on green technologies for the energy transition, and "is progressing its green energy projects in a disciplined manner."

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

January 22, 2025 18:16 ET (23:16 GMT)

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