Fortescue Metals Group Ltd
(ASX:FMG) is in preliminary talks with Indian steelmakers to supply iron ore to local firms.
Fortescue’s executive director Russell Scrimshaw has declined to give names of the Indian companies the miner is in talks with.
Fortescue is planning to invest a total of $8.4 billion to nearly triple its iron ore production capacity to 155 million tonnes by 2014.
For the year ended 30 June 2010, Fortescue generated a net profit of $681.6 million.
