Ferrexpo Plc, the Swiss-based company that manufactures iron ore pellets in the Ukraine, has issued trading update as well as Production Report for the fourth quarter of 2008.
The company said that 2008 ended well giving a full year operating financial performance ahead of management expectations. This benefits from a sharp reduction in costs in December as a result of a weaker local currency, continued falling oil prices and lower costs for grinding media.
In response to a sharp reduction in demand in October, the group made modest planned reductions in output, which has resulted in full year production at 2007 levels.
Iron ore production in the fourth quarter declined to 6,162,300 tonnes from 7,182,800 tonnes last year.
Management remains confident about trading in 2009 because of the group's unique competitive advantages, most notably its advantageous location opposite its customers, its strong customer relationships and falling cost base. Moving ahead, the Board believes that the group is well placed to increase market share and continue to trade profitably.
Source: RTT News
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