Last checked at 21 May 2015 07:00
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