[av_heading heading=’Fortescue forays into markets outside China’ tag=’h3′ style=’blockquote modern-quote’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’1′ color=” custom_font=”][/av_heading]
[av_textblock size=” font_color=” color=”]
17 Apr 2017
[/av_textblock]
[av_hr class=’custom’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’1px’ custom_margin_bottom=’1px’ icon_select=’yes’ custom_icon_color=” icon=’ue811′ font=’entypo-fontello’]
[av_textblock size=” font_color=” color=”]
The world’s fourth-biggest iron ore exporter’s Fortescue Metals Group Ltd is making iron ore marketing forays to steel producing nations outside China to tap forecast increases in demand from burgeoning infrastructure projects across the region. CFO Ms Elizabeth Gaines said in an interview that FMG is well positioned to take advantage of expected growth in countries such as India, Vietnam and the Philippines,
She told “Our marketing team visit potential and prospective customers in all those regions regularly, it’s not just a complacent watching brief. We are actually in those markets talking to people and wanting to be partners with them as those opportunities arise. As those economies realise their growth potential there’ll be demand for infrastructure, which will drive demand for steel. Being based in the Pilbara, we’ll be very well placed to supply to those markets as and when that demand occurs.”
India is poised to become a beacon for growth in global steel output as demand from infrastructure, construction and auto-making accelerates, BMI Research said in a report received Wednesday. Steel output in the nation will average annual growth of about 9% between 2017 and 2021, according to the report. Economic growth is forecast to pick up in about two-thirds of Asia’s 45 economies, even as the pace of expansion cools in China, the Asian Development Bank said this month in its latest outlook report. India’s gross domestic product is forecast to grow 7.4% in 2017 and 7.6% next year, while in Southeast Asia – which includes Vietnam and the Philippines – GDP growth will expand to 5% in 2018 from 4.8% this year.
Source : BLOOMBERG
[/av_textblock]
[av_social_share title=’Share this entry’ style=” buttons=”]
[av_comments_list]