Ferrexpo PLC (FXPO.LN), resources Group with assets in Ukraine, said Tuesday that total pellet production rose by 21.1% compared to the first quarter, and by 3.8% compared to the equivalent quarter last year, the group traded profitably in the first half of 2009.

MAIN FACTS:

- Ferrexpo produced at full mining capacity throughout the second quarter 2009

-Higher grade 65% iron ore pellet output increased by 4.3% in the first half of 2009 compared to the same period last year

-Sales volume in the first half exceeded production during the period

-Production costs continue to trend downwards

-Continued high levels of spot sales to China exposed Ferrexpo to higher freight rates

-Gradual improvement in demand over the first half of the year in Traditional markets and Ukraine

-Freight rates from the Black Sea to China did put pressure on the average achieved DAF/FOB prices during the period, but this is likely to prove a temporary phenomenon.

-The outlook for iron ore is improving for the next quarter, particularly in the traditional markets, which will reduce reliance on the Asian seaborne spot market to some degree

-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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