Fortescue Metals Group Ltd is a leading iron ore producer in Australia and one of the largest in the world. The company has several competitive advantages that differentiate it from its peers:

1. Low-cost production: Fortescue has a low-cost production model that allows it to produce iron ore at a lower cost than many of its competitors. This is due to the company's focus on efficiency and productivity, as well as its use of innovative technology and automation.

2. Strong balance sheet: Fortescue has a strong balance sheet with low debt levels and a high cash balance. This gives the company financial flexibility to invest in growth opportunities and weather any market downturns.

3. Vertical integration: Fortescue is vertically integrated, which means it owns and operates its own mines, rail and port infrastructure. This allows the company to have greater control over its supply chain and reduce costs.

4. Diversified customer base: Fortescue has a diversified customer base, with customers in China, Japan, Korea, and Taiwan. This reduces the company's exposure to any one market or customer.

5. Sustainability focus: Fortescue has a strong focus on sustainability and has set ambitious targets to reduce its carbon emissions and increase its use of renewable energy. This is becoming increasingly important to customers and investors, and gives Fortescue a competitive edge in the market.