Ferrexpo PLC 2015 AGM Statement (8468N)
21 Mai 2015 - 8:01AM
UK Regulatory
TIDMFXPO
RNS Number : 8468N
Ferrexpo PLC
21 May 2015
21 May 2015
Ferrexpo plc
("Ferrexpo", the "Group" or the "Company")
2015 AGM Statement
At today's Annual General Meeting, the Non-executive Chairman
Michael Abrahams will make the following statement:
"Ferrexpo has performed well during 1Q 2015, increasing total
pellet production by 2.5% to a record first quarter output of 2.9
million tonnes, while production of the Group's premium 65% Fe
pellets reached an all-time high of 85% of total output. The
average cost of production has continued to fall in 1Q 2015 as a
result of higher production volumes and local currency
devaluation.
"The average 62% Fe iron ore fines CFR China price during 1Q
2015 was US$62 per tonne, compared to S$72 per tonne as of 31
December 2014, while the average price in April 2015 was
significantly lower at US$52 per tonne. Average pellet premiums
have remained stable year to date compared to 4Q 2014, and lower
freight costs together with higher average iron ore content in the
Group's pellets have benefited realised prices.
"The Group's focus will be to maintain high levels of production
of 65% Fe pellets and to contain costs while looking to further
manage the liability profile of its debt should opportunities
arise. Ferrexpo is now the fourth largest seaborne pellet supplier
in the world by volume and its operations remain competitive in the
current price environment following completion of its
modernisation, quality improvement and capacity upgrade investment
programmes in 2014."
For further information contact:
Ferrexpo:
Ingrid McMahon +44 207 389 8304
Maitland:
Peter Ogden +44 207 379 5151
Notes to Editors:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine. It has been mining, processing and selling high quality
iron ore pellets to the global steel industry for over 35 years.
Ferrexpo's resource base is one of the largest iron ore deposits in
the world. The Group is the 4th largest supplier of pellets to the
global steel industry and the largest exporter of pellets from the
CIS. In 2014, it produced a record 11 million tonnes of pellets, a
2% increase compared to 2013. Ferrexpo has a diversified customer
base supplying steel mills in Austria, Slovakia, the Czech
Republic, Germany and other European states, as well as in China,
India, Japan, Taiwan and South Korea. Ferrexpo is listed on the
main market of the London Stock Exchange under the ticker FXPO. For
further information, please visit www.ferrexpo.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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