While there was no official statement from FMG (now renamed Fortescue Metals, as the division has been repositioned under the all-encompassing Fortescue Group), it is likely the decision to cancel the dedicated investment in H2 production is related to a recent decline in iron ore values. Fortescue's profits for the year ending on June 30, 2023 were $4.8 billion, a 23% decline on the $6.2 billion reported in 2022.