Fortescue Metal Adr(FSUMY)- OTC Markets
FSUMY is defunct.
  • Sep. 27, 2012, 3:48 PM

    Speaking of the cure for low prices, it's estimated 40% of China's iron ore mines have suspended operations as the mineral's low price has them losing money. Good enough, but the pain is apparently not yet great enough for VALE which says it will continue forging ahead to increase ore output. Earlier: Baosteel shutters a steel plant.

    | Sep. 27, 2012, 3:48 PM | 4 Comments
  • Sep. 26, 2012, 11:50 PM

    Baoshan Iron & Steel - China's largest steelmaker - suspends production at one of its plants, citing a "downturn in demand." "The bigger issue is ... all the mills are under pressure," says analyst Kuni Chen, warning of a vicious cycle of more production declines leading to continued slides in raw materials (iron ore) prices.

    | Sep. 26, 2012, 11:50 PM | 1 Comment
  • Sep. 24, 2012, 7:48 PM

    Iron ore prices in Asia continue to come under pressure due to an uncertain outlook for steel demand. Prices rebounded from a near three-year low earlier this month on optimism that China's pending infrastructure projects would boost steel demand, but the recovery has been unconvincing. Amidst the slump, Australian miner Fortescue Metal (FSUMY.PK) says its taken draconian measures to shore its bottom line - by halting all future funding for employee barbecues at its facility in Port Hedland, Western Australia.

    | Sep. 24, 2012, 7:48 PM | 1 Comment
  • Sep. 18, 2012, 9:50 PM

    A casualty of sharp capital expenditure cutbacks by mining operations, Australian contractor Macmahon Holdings plummets 38% in Sydney amidst a warning of a sharp drop in profits and the resignation of its CEO. Meanwhile, mining boom "exhibit A" Fortescue continues a massive 2-day rally on the heels of a deal to restructure its balance sheet without a dilutive capital raise.

    | Sep. 18, 2012, 9:50 PM
  • Sep. 13, 2012, 7:07 AM

    As good a proxy for the China capital spending bubble as anything can be, Australian miner Fortescue falls another 13.9% in Sydney as it asks its creditors to waive debt covenants if iron ore prices remain under pressure. Less than a month ago, management was bragging about the continuing mining boom, now the company has shelved expansion plans, and a dilutive capital raise seems likely.

    | Sep. 13, 2012, 7:07 AM
  • Sep. 7, 2012, 11:13 AM

    Australian mining-boom poster boy Fortescue pulls out of its downward spiral, soaring 11.5% in Sydney last night amidst chatter about equity raises and/or asset sales. Commonwealth Bank suggests a deeply discounted rights offering is the best of a tough set of choices. Short a recovery in iron ore prices, UBS pegs fair value for the shares at A$2 (vs. close of $3.31). (previous)

    | Sep. 7, 2012, 11:13 AM
  • Sep. 6, 2012, 11:12 AM

    The poster child for the China-led mining craze of the past decade, Fortescue tumbles again (-4.8%) in Sydney, now off 30% in less than a month as the reality of something less than boom times catches up. The company's recently announced capital spending cuts leaves creditors wondering how Fortescue will increase production enough to make its nut. Iron ore prices continue lower.

    | Sep. 6, 2012, 11:12 AM
  • Sep. 5, 2012, 5:03 PM

    Keep an eye on Fortescue in Sydney tonight. Days after their promotional management insisted all was well with the mining business, the company slashed capital spending plans and then sold a power station to raise cash, resulting in a 2-day 12.4% slide in shares. Now the company - heavily leveraged to Chinese steel demand - is apparently on the horn to convince lenders to take a piece of a $1.5B loan.

    | Sep. 5, 2012, 5:03 PM
  • Sep. 4, 2012, 7:33 AM

    Australia's Fortescue joins rivals BHP and RIO in announcing slashed capital spending plans amidst sliding demand and pricing for iron ore. The move comes just days after the company's CEO said all was well in the business and the company expected to triple production within a year. Shares fell 4.2% in Sydney.

    | Sep. 4, 2012, 7:33 AM | 1 Comment
  • Aug. 22, 2012, 11:33 PM

    Aussie miner Fortescue begs to differ (previous), CEO Nev Power saying metal oversupply and low prices are a temporary blip. He spoke as his company reported better-than-expected H2 profits. "There is a boom and it's continuing and those volumes will continue in the future," says the always confident Power. Shares -1% in Sydney.

    | Aug. 22, 2012, 11:33 PM | 3 Comments
  • Jul. 19, 2012, 10:54 PM

    The price of iron ore at Tianjin Port falls to $125.60/metric ton, a new low for 2012 as Chinese inventories hit a record high. Even as demand shrinks, producers continue to increase output, both RIO and BHP digging up record amounts this year, and BHP planning on nearly a 40% increase by 2014.

    | Jul. 19, 2012, 10:54 PM
  • Jul. 11, 2012, 8:06 AM

    Can we make an argument with Andrew Forrest - founder of wildly successful iron-ore miner Fortescue? With iron-ore producer shares at their lowest level in years, he bought $137M of stock in his company in June. Evy Hambro, PM with BlackRock, and sitting on stakes in RIO and BHP says Forrest's move is "a very clear signal" of better times ahead.

    | Jul. 11, 2012, 8:06 AM | 1 Comment
  • Jun. 27, 2012, 1:28 PM

    Among Jim Chanos' tip-offs for value traps: Cyclical and/or highly dependent on one product, and hindsight driving profit expectations. Among the stocks that fit: CONSOL Energy (CNX), Petrobas (PBR), Hewlett-Packard (HPQ), Coinstar (CSTR), Banco Santander (SAN), and Australia's Fortescue.

    | Jun. 27, 2012, 1:28 PM | 3 Comments
  • Apr. 27, 2012, 9:46 AM
    Jim Chanos shorts the clearest symbol of the rise of China and resultant iron ore gold rush in Australia - Fortescue, whose shares have risen more than 560X over the last decade. Against his short, he's long BHP, also heavily exposed to China, but better diversified and a with far less-leveraged balance sheet.
    | Apr. 27, 2012, 9:46 AM | 2 Comments
  • Mar. 20, 2012, 7:52 AM

    As expected, Australia passed a contentious mining tax expected to raise $11B over the next 3 years. "We've got a spectacular resources boom," says PM Gillard, "It makes sense to take some money from the turbo-charged section of the economy and share it more broadly." Will the tax be repealed when the boom turns bust?

    | Mar. 20, 2012, 7:52 AM | 3 Comments
  • Jan. 11, 2012, 4:49 AM
    A tropical cyclone bearing down on west Australia forces the closure of Port Hedland, the region's largest iron ore port, and several offshore oil fields. BHP (BHP), Fortescue (FSUMY.PK) and Rio Tinto (RIO) are among the firms that have halted work in the region.
    | Jan. 11, 2012, 4:49 AM
Company Description
Currently, there's no company description for FSUMY.
Industry: Gold
Country: United States