Ferrexpo Full-Year Profit Increases 34% as Iron-Ore Prices Rise

Ferrexpo Plc (FXPO), a producer of iron ore in Ukraine, said full-year profit rose 34 percent after it mined more of the steelmaking ingredient and prices gained.

Net income climbed to $567.8 million in 2011 from $422.9 million a year earlier, Baar, Switzerland-based Ferrexpo said today in a statement. Sales rose 38 percent to $1.79 billion.

The benchmark price for iron ore imported to China, the largest consumer of the material, averaged $167.60 a metric ton in 2011, compared with $146.70 a ton a year earlier, according to The Steel Index data. Ferrexpo shipped 28.2 million tons of ore, an 11 percent increase from the prior year.

To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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