(Alliance News) - Ferrexpo PLC on Thursday posted first-quarter production growth and the iron ore pellets firm outlined plans to boost capacity through upgrade work.
Total commercial production rose 2% annually to 2.8 million tonnes in the first three months of 2021. Quarter-on-quarter, output was down 12%, "reflecting ongoing pelletiser upgrade work".
Ferrexpo said it completed upgrade work on one pelletiser line during the first quarter, with further work now underway in the second.
Overall pelletiser capacity is tipped to grow by between 500,000 and 1.0 million tonnes once the work is completed.
Ferrexpo shares were 1.2% lower at 379.60 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Ferrexpo (FXPO)