Fortescue to slash 700 jobs globally

The news: Fortescue has announced it is cutting 700 jobs across its global operations as it restructures.

The context: The company said in a statement it would “simplify its structure, remove duplication and deliver cost efficiencies” as it combines metals and energy into “One Fortescue”.

The redundancies are expected to be finalised by the end of July.

According to multiple media reports, the cuts come as Fortescue switches its focus to producing scalable cheap renewable energy and puts its green hydrogen ambitions on the backburner.

But Fortescue said it remained “resolute in its commitment to be the world’s leading green technology, energy and metals company with a laser focus on achieving Real Zero by 2030”.

What they said: “The company must continually evolve to ensure it remains lean, is best positioned to deliver on its strategy and generate the maximum value for shareholders,” Fortescue said in its ASX announcement.