How much crap this Twwigy guy can say?
i own fmg for the long term they said today they made 360,000,000 bucks in net profit from the sale of 6,800000 tones of iron ore thats 53 dollers profit a tone they said one off the steel mills said they wanted more iron ore from them and they got it every one is saying demand is slowing but at the end of the day the smaller steel mills will suffer and lose money and cut demand for iron ore because they cant pay higher prices for the ore where the larger steel mills like bousteel and other huge still mills will increase demand for ore and thats what fmg is doing there got deals will large steel mils not small mills fmg said demand was very strong for there iron ore and the chinese steel mills were very happy with there ore this is short term problem but china will come out bigger and better and stronger
This Twwigy guy is the master of ramping and talking up his companies, ASX should ban those idiots who do not give the full story to the common people than later on come to this forums triumph and say that FMG will outperform the market to reach $5 soon?????
From:
http://business.smh.com.au/business/fortescue-opens-its-books-20081120-6cth.html
Profit:
They said a profit of $360ml but they had a loss of as follows:
"Coinciding with its annual meeting in Perth yesterday, Fortescue reported a loss during the quarter - calculated by the Herald to be $55 million, after excluding the revaluation of a subordinated note and the effects of currency fluctuations on its long-term debt but including interest payments and taxes."
So the $360ml is pure bull sh**, tell the whole story. This shows the are in a huge debt problem.
Mills asking for more:
What a piece of crap.....
"The miner yesterday said it had amended one of its sales contracts with an unnamed top-five steelmill in China to increase the size of deliveries to 5.5 million tonnes next year compared with the 2 million tonnes a year of the original contract.
But since Fortescue already has contracts for up to 100 million tonnes of annual sales, this revision implies one or more other customers must have lowered or abandoned their offtake agreements."
This also shows that they are master at confusing the market and just ramping it up. Good Chinese relationships is pure crap, this Twwigy guy went to China to beg the Mills to get his iron ore because other mills broke their contract full stop.
WBII