Fortescue Metals Group Limited’s (ASX:FMG) chief Nev Power says the company will reassess its aggressive iron ore expansion plans.
The Pilbara focussed iron ore miner is currently undertaking a ramp up to almost triple production to 155 million tonnes per annum by mid 2013.
Speaking at a conference yesterday Mr Power said any further expansion beyond its current plans will depend entirely on the strength of the market.
Mr Power says Fortescue will be pausing at 155 million tonnes and looking at market conditions, paying down debt and getting its balance sheet in a position where it has the capacity to expand.
Shares in Fortescue Metals fell 18 per cent over last month to end May at $4.62.
In the first half of its 2012 financial year Fortescue Metals posted a net profit of $789 million.
