FMG 0.66% $16.61 fortescue metals group ltd

iron ore kid needs a man of steel to get up an

  1. 838 Posts.,28124,24647906-30538,00.html

    But now China's iron ore demand is in free-fall and so is Fortescue's share price. Its port is three days away from a largely unanticipated, 10-day shut-in and already actual shipments in November are running at no better than half the run rate of just two months ago.

    And, of course, the overall mood has not been helped by the sudden and still unexplained resignation of Fortescue's Mr Railway, chief operating officer Alan Watling.

    So, with its capital spending programs being reined in, cash flow seemingly shrinking and iron ore giants such as Rio Tinto suggesting Chinese demand will be weak for another two quarters, there is a growing belief that Fortescue to will need new capital to stabilise a debt-heavy balance sheet.

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