Top story: Fortescue Metals’ boss Andrew Forrest, (pictured with Australia’s former prime minister, Scott Morrison), is preparing to cut the group’s headcount. Image via Getty Images
Australia’s Fortescue Metals plans to axe 1000 jobs, according to the country’s national newspaper The Australian. The job cuts will be across its back-office and clean energy business, Fortescue Future Industries, which is developing the group’s hydrogen projects.
The announcement is expected despite a rally since December in the price of iron ore, of which Fortescue is the world’s fourth-biggest producer, in anticipation of China reopening its economy.
The news from Fortescue, which was founded by Australian billionaire Andrew ‘Twiggy’ Forrest, follows a wave of job cuts announced throughout January in the tech and investment banking sectors.
The group will release its half-yearly results next week.