Ferrexpo hit by falling prices
Ferrexpo, the Ukraine-focused iron ore pellet producer, managed to maintain production levels in the first half but is still struggling with tough price conditions.
Ferrexpo, the Ukraine-focused iron ore pellet producer, managed to maintain production levels in the first half but is still struggling with tough price conditions.
Production at the group's Poltava mine for the six months to the end of June was 4.7m tonnes of pellets against 4.8m in the same period of last year.
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 interim dividend has been maintained at 3.3 cents per share.
Ferrexpo's Chairman, Michael Adams said: "...the iron ore market has been volatile with market prices for iron ore down 20%.
"Ferrexpo, however, has continued to enjoy solid demand for its pellets with the average pellet price for the period down by only 12%. Lower pricing combined with higher raw material costs has reduced profits from the record level of 2011."
BC
-
How cancelling unused direct debits could boost your pension by £37,000A new year refresh of your spending could save you money and help boost your pension pot.
-
NS&I cuts interest rates on 8 savings accountsNS&I will now offer less attractive interest rates for customers wishing to lock their savings away to grow for one, two, three or five years.
