The company announced the redundancies to the stock market this afternoon, as well as the merger of its metals and energy divisions.

“The company has undergone a period of rapid growth and transition, and as part of bringing together metals and energy into One Fortescue, initiatives are being implemented to simplify its structure, remove duplication and deliver cost efficiencies,” Fortescue said in a statement.

“The company must continually evolve to ensure it remains lean, is best positioned to deliver on its strategy and generate the maximum value for shareholders.

“As part of this, approximately 700 people from across Fortescue’s global operations will be offered redundancies, with that process to be finalised by the end of July 2024.

“Fortescue is grateful for the contribution of all those impacted by these changes.”

Executive chairman Forrest has been a prominent advocate for green hydrogen as a clean energy source, but has reportedly scaled back his company’s ambitions to be a major producer of the energy-intensive fuel.

But Fortescue maintains its green energy and zero emissions pushes will continue.

“Fortescue remains resolute in its commitment to be the world’s leading green technology, energy and metals company with a laser focus on achieving Real Zero by 2030,” it said.

Fortescue was established in Western Australia in 2003 and ships more than 190 million tonnes of iron ore each year.

It reported an after-tax profit of $US5.5 billion ($8.16 billion) last year.