Fortescue is an Australia-based iron ore miner. It has grown from obscurity at the start of 2008 to become the world’s fourth-largest producer. Growth was fuelled by debt, now repaid. Expansion from 55 million tonnes in fiscal 2012 to about 185 million tonnes in 2022 means Fortescue supplies nearly 10% of global seaborne iron ore. Further expansion above 200 million tonnes is likely once it completes construction of its 22 million tonne Iron Bridge magnetite mine. However, with longer-term demand likely to decline as China’s economy matures, we expect Fortescue’s future margins to be below historical averages. More recently, Fortescue has diversified into green energy, with ambitions to become a major supplier of green hydrogen and green ammonia. Its efforts here are at an early stage.