Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ferrexpo Jumps Most in Three Months After ‘Good’ Output Results

Don't Miss Out —
Follow us on:

July 9 (Bloomberg) -- Ferrexpo Plc, a producer of iron ore in Ukraine, climbed the most in three months in London as first-half output of the steelmaking material rose 11 percent.

Ferrexpo jumped 12 percent, the biggest gain since April 9, to 155.6 pence, curbing its loss for the year to 38 percent. It increased total pellet production to 5.2 million metric tons from 4.7 million tons a year before, the company said today in a statement. Second-quarter output rose 4.6 percent to 2.7 million tons from three months earlier after a 62 percent gain at the newly commissioned Yeristovo mine.

The second-quarter beat Citigroup Inc.’s estimate of 2.6 million tons. “We were at the high end of consensus here, so this is likely to be viewed as a good result,” the bank said.

Ferrexpo, based in Baar, Switzerland, plans to invest as much as $1.5 billion to double its annual iron-ore output to 20 million tons by 2016. As part of the plan it started first iron-ore production at the Yeristovo mine in the first quarter to reach an annual output target of 12 million tons this year.

“We view positively the management team’s prudent approach to growing the business,” Citigroup said in a note. “Delivery of the first phase of the Yeristovo mine is just one of the components of an about $650 million investment program which we believe will deliver volume growth and improve margins.”

To contact the reporter on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.