International Ferro Metals gains on furnace repair
International Ferro Metals advanced Friday after confirming that operations at its two furnaces had returned to normal following the replacement of the electrode paste in late December.
International Ferro Metals advanced Friday after confirming that operations at its two furnaces had returned to normal following the replacement of the electrode paste in late December.
The company announced in November that the furnaces were experiencing productivity issues due to recurring electrode breaks.
The ferrochrome producer said the root cause has now been fixed and the furnaces are operating at full load.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The company is confident that the electrode issue has been fully resolved and appropriate action has been taken to prevent it from happening again," it said in a statement.
Shares jumped 9.09% to 12p at 12:40 following the announcement.
The company will on January 24th release its production report for the three months to December 31st.
International Ferro Metals produces ferrochrome, an essential material in stainless steel production, from chromite ore at the Bushveld Igneous Complex in South Africa. It is one of the world's richest mineral repositories and largest ferrochrome producing regions.
RD
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Banks given additional 72 hours to investigate suspicious payments
New rules will allow banks to pause suspicious payments for longer, giving them time to investigate cases of potential fraud
By Katie Williams Published
-
What financial support can you get if you are suffering with long-term illness?
Health is wealth and more important than any material riches. But too often, long-term illness brings financial worries of its own. What financial support can you get if you are ill?
By Katie Williams Published