Ferrexpo, which produces iron ore pellets used for making steel, has said it is "on track" to meet its targets for the year.
During October, production was in line with expectations at 774 thousand tonnes of pellets, compared to 781 thousand tonnes of pellets in September.
Between July and the end of October, the firm sold 3.3m tonnes at an average price equal to that made during the same period last year.
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 group is expected to sell about 25% of its output on spot, for the full year, with new long term contracts commencing in 2012.
Michael Abrahams, Ferrexpo chairman, said: "Ferrexpo continues to benefit from its established reputation as a quality long term pellet supplier.
"Should there be further deterioration in market conditions, the group remains well positioned in the global market to maintain full production due to its low cost position on the supply curve and established infrastructure to seaborne markets, supporting the local economy and its reputation as reliable supplier to the global steel industry."
The share price fell 3.35% to 311.2p by 16:19.
NR
-
Which investments can I hold in a stocks and shares ISA – and which ones are banned?HMRC has a list stating which investments are allowed in ISAs, but sometimes investors, and even ISA providers, get confused by the rules. Here’s what you need to know when picking your investments.
-
Review: Andronis Minois and Andronis Arcadia – two Greek island idyllsTravel Andronis Minois on Paros and Andronis Arcadia on Santorini are two beautiful, authentic hotels on two different islands in Greece
