Fortescue shares downgraded by Morningstar as Iron Bridge cost blowouts weigh on Andrew Forrest’s miner

The value of Fortescue shares – linked to millions of Australians’ superannuation accounts – could take a hit with a value downgrade from Morningstar. The rating agency issued a fair value downgrade of 4 per cent on Fortescue shares on Wednesday to $15.50. Morningstar points to forecast lower steel sales in the near term and cost blowouts at Fortescue’s beleaguered Iron Bridge project in northern WA. The Fortescue Iron Bridge magnetite mine in the WA Pilbara. Andrew Forrest and Fortescue were forced last month to record a $1.1bn pre-tax impairment on the Iron Bridge project.