Fortescue (FSUMF) Stock: Fortunes Still Tied To Iron Ore

CUHRIG Fortescue Ltd (OTCQX:FSUMF) may have recently changed its name from Fortescue Metals Group, but it is still an iron ore company. As it stands, Fortescue is the fourth-largest iron ore miner in the world, and the company gets most of its revenue and EBITDA from iron ore. Fortescue is, however, diversifying into trying to become more of a green energy and green steel company. Although iron ore prices have strengthened in recent weeks, the medium-term demand for iron ore is less known, given potentially peaking demand from China and more uncertain demand from India and Southeastern Asian countries. Still…