AKO General Discussion, page-714

Fortescue’s sweeping restructure goes far beyond removing the duplication of back room functions between its energy and mining arms, with a growing number of senior executives set to depart as the company sweeps out layers of management.

The cost-cutting comes as the iron ore price dipped below $US100 a tonne this week in the wake of market disappointment that a major Chinese Communist Party policy meeting, the third plenum, failed to deliver major stimulus packages that might help kickstart the country’s ailing construction sector.