Ferrexpo trades well in spite of pricing pressures
FERREXPO, the Ukrainian iron ore producer, said yesterday it was trading profitably, despite spot prices remaining under pressure.
The London-listed company also advised shareholders to vote against a proposal to appoint two members to the board from its new shareholder which has a stake of around 10 per cent.
“Ferrexpo continues to perform well in extremely tough trading conditions. Cash costs of production continue to benefit from the weaker Ukrainian hyrvnia, and Ferrexpo continues to trade profitably,” chairman Michael Abrahams said.
Sales volumes in April were 898,000 tonnes, more than its production in the month.
“Importantly the company is now seeing a tentative recovery in demand from its core customers,”analyst Michael Rawlinson at Liberum Capital said.