Fortescue’s Forrest needs to put the ESG into iron ore
Producing a tonne of steel in a blast furnace releases almost as much carbon as burning a tonne of coal for energy
19 February 2020 - 14:24
Australia’s richest man Andrew Forrest cherishes his reputation as one of the good guys. That makes his intimate involvement in one of the world’s most polluting industries a problem.
The founder of the world’s fourth-biggest iron-ore miner Fortescue Metals Group has done spectacularly well from riding the Chinese steel boom of the past two decades. Net income at Fortescue increased nearly fourfold to $2.45bn in the first half of the year, the company said on Wednesday, delivering A$828m ($554m) of interim dividends to Forrest and the Minderoo Foundation he controls...
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