Fortescue to cut 700 jobs and appoint new CFO in response to slowing iron ore demand

From Investing.com: 2024-07-17 04:56:08

Fortescue to cut 700 jobs, or 4.5% of global workforce, as part of restructuring. New CFO appointed. Weak iron ore prices due to slow Chinese demand. Job cuts to be finalized by end of the month. Recent consolidation of divisions. New COO appointed. Reports to be released in July and August.

Restructuring at Fortescue in response to weakening iron ore demand from China. Job cuts may affect Western Australia region. Company to finalize process by end of the month. Recent consolidation of divisions part of cost efficiency strategy. New CFO and COO appointed. Production report and full-year results to be released soon.



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