In 2003, Andrew Forrest dominated by three firms, and planned to enter the iron ore sector, which was highly capital intensive and consolidated. Less than five years subsequently, his start up, Fortescue Metals Group, loaded its first ore on a ship bound for China. In those five years, the Western Australia business raised more than US$2.5 billion, acquired more than 1 billion metric tons of iron ore reserves, built a mine and processing facility, 256 kilometers of railway, and a port for substantial ore-carrying boats. Fortescue was expanding its capacity, and profitable in its first full year of production. This case describes the early years, the challenges the company faced, and also the manners of Fortescue it met those challenges. It also describes challenges facing the business in October 2010, as it looks to the future.
PUBLICATION DATE: April 01, 2011 PRODUCT #: E384-HCB-ENG
This is just an excerpt. This case is about INNOVATION & ENTREPRENEURSHIP
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