Australia’s Fortescue plans to cut 700 jobs in restructuring move
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Update time : 2024-07-23 15:03:56
Australia’s Fortescue Metals Group announced that it will cut about 700 jobs, or 4.5% of its global workforce, as part of a new restructuring initiative. The job cuts reflect a weak outlook for the iron ore market, driven by slowing demand from China amid its struggling property sector.
It remains unclear if the job reductions will focus on Western Australia or specific divisions such as iron ore or green energy, but the process will be finalized by the end of the month. Fortescue has recently consolidated its metals and energy divisions into One Fortescue to streamline its structure and improve cost efficiencies.
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