International Ferro Metals, the South African ferrochrome producer, saw production rise 15% in the final three months of 2011 compared to the same period of 2010.
Ferrochrome is an essential ingredient in the manufacture of stainless steel. International Ferro Metals made 54,142 tonnes of the substance in the final quarter.
The sales picture, however, was more complicated; up 39% on the previous quarter but down 22% compared to 2010.
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 firm says European steel mills are operating at only around 60-70% of capacity because of the Eurozone debt crisis, while in the US the figure is around 85%.
International Ferro Metals also managed to complete a roof rebuild project at its furnace facility which Chief Executive Chris Jordan described as "pleasing". He added that: "Cost savings continue to be a focus for the Company, with initiatives completed or underway across smelting, mining and inputs including power and chrome concentrate."
Chrome ore production is rising significantly at the company's Sky Chrome mine, with the extracted tonnage increasing from 72,000 in the three months to the end of September, to 122,000 by the end of the year.
The Lebedi mine saw production drop from 191,000 tonnes to 149,000 tonnes as a result of industrial action.
Today's update saw International Ferro Metals gain 9.87% by 09:56.
BS
-
-
Starling Bank boosts rate on its current accounts to 3.25%
Starling Bank hikes current account rate to 3.25% - up from 0.05%.
-
Hidden energy costs - what the new energy price cap really means for your bill
The latest energy price will come into play this weekend, which will say households pay an average 7% less from 1 October. But hidden costs could actually see many households pay more. We crunched the numbers and reveal what you could pay from this weekend.
