Ferrexpo to Increase Iron Ore Production27.03.12
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Ukrainian iron ore producer Ferrexpo has committed itself to raising output by a third to 12m tonnes a year, to feed growing demand in China and compete for other waterborne trade into Europe and beyond.
The FTSE 250 company, which listed in London five years ago but is still controlled by Kostyantin Zhevago, a Ukrainian billionaire, narrowly beat consensus forecasts as underlying earnings rose nearly 40 per cent to $801m in the year to December. Michael Abrahams, chairman, said Ferrexpo was determined to push ahead with investment plans, which helped to double capital expenditure to $378m last year, representing three-quarters of net cash flows. The commitment to expansion was being made even though “there is likely to be increased volatility in the world economy in the short term”, he said.
Financial Times |
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