Fortescue Metals is looking more likely to avoid a sale of equity in its prized Pilbara rail line after striking a $US1.15 billion ($A1.27 billion) deal with a Taiwanese company. Taiwan's largest company Formosa Plastics Group will pay $US500 million ($A550.06 million) for use of Fortescue's port and rail facilities, which Fortescue will use to reduce its near $US10 billion in net debt. Formosa will also pay $US123 million ($A135.31 million) for a 31 per cent stake in Fortescue's Iron Bridge magnetite iron ore project in the Pilbara, and $US527 million ($A579.76 million) to fully cover building stage one of the Iron project. Chief executive Nev Power said the deal would strengthen Fortescue's balance sheet.