Company says it must 'continually evolve to ensure it remains lean'
Metal mining company Fortescue has announced that it is laying off roughly 700 jobs across its global operations.
In a statement to the Australian Stock Exchange on Wednesday, the company said it must "continually evolve to ensure it remains lean" and is best positioned to "deliver on its strategy and generate the maximum value for shareholders."
As part of this, about 700 people from across Fortescue's global operations will be offered redundancies, with the process to be finalised by the end of July 2024, the company said in the statement.
"Fortescue is grateful for the contribution of all those impacted by these changes."
One Fortescue team
In the statement, Fortescue maintained its commitment to be the "world's leading green technology, energy, and metals company with a laser focus on achieving Real Zero by 2030."
"The company has undergone a period of rapid growth and transition, and as part of bringing together Metals and Energy into One Fortescue, initiatives are being implemented to simplify its structure, remove duplication, and deliver cost efficiencies," it said.
This streamlined One Fortescue team will also be reflective of its board, comprising of nearly 50% women, according to the company.
"Diversity will continue to be a key measure of our performance, with new targets implemented to drive diversity across the business," it said.
Forrest's statement
Executive chairman Andrew Forrest also released a later statement after Fortescue's announcement but did not mention the cuts, ABC News reported.
In Forrest's statement, he underscored the company's commitment to its decarbonisation goals by 2030.
He also mentioned that "without change, improvement is impossible."
"Part of the reason Fortescue is the highest performing company on Australia's Stock Exchange is that we do things differently," he said as quoted by ABC News. "We do not apologise for requesting people leave their corporate culture behind when they join us … nor will we apologise when we don't look like everyone else."
