Fortescue Metals Group Limited
(ASX:FMG) believes it will emerge stronger after shelving expansion plans and cutting 1000 jobs in August.
The iron ore producer said in its annual report that it remains confident that iron ore prices will firm in the short term.
CEO Andrew Forrest says that Fortescue continues to see strong iron ore demand from its Asian customers, and had slowed expansion plans in order to remove a spending spike from its forecasts.
Fortescue reported that it had surpassed its 55 million tonne target over the past year and is striving towards a mark of 155 million tonnes annually.
Fortescue Metals Group posted a net profit of $1.5 billion in the 2012 financial year.
