Fortescue, a major mining company based in Australia, recently disclosed plans to cut 4.5% of its global workforce while acknowledging challenges in meeting its 2030 targets for green hydrogen production. The workforce reduction was announced alongside expectations of iron ore prices dropping below $100 per tonne. Despite these setbacks, Fortescue reiterated its dedication to the hydrogen sector, with a primary focus on projects in Australia, the United States, Norway, and Brazil, followed by additional ventures in Morocco, Oman, Egypt, and Jordan. The company intends to increase capital expenditures for its energy division to $500 million and boost decarbonization spending to $700 million-$900 million for fiscal year 2025. Analysts noted a shift in focus towards producing green iron with a lower carbon footprint, with CEO Dino Otranto highlighting the potential in the green iron industry, particularly in supplying China. Fortescue aims to start producing green iron at its Christmas Creek operations by the end of next year. Despite a 2.7% drop in shares, the company remains optimistic, forecasting higher iron ore shipments for the upcoming fiscal year and setting a target of shipping between 190 million and 200 million tons of iron ore in fiscal year 2025.