Business
AGM Trading Statement
AGM Trading Statement.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n RNS Number : 4602S Ferrexpo PLC 19 May 2009 \nFERREXPO \n\n19 May 2009\n\n\nAGM Trading Statement\n\nAhead of its Annual General Meeting later today and further to the Interim Management Statement released on 15 April 2008, Ferrexpo plc ('Ferrexpo' or 'the Company') is pleased to update the market on its current trading. \n\nFerrexpo continues to produce at full capacity, and is successfully selling its entire production. Sales volumes in April were 898kt, exceeding the Company's production in that month. Spot prices for iron ore sold into China remain under pressure on an FOB basis, primarily as a result of high freight rates from the Black Sea to China. However, reliance on the seaborne spot market for the placement of sales volumes has been reduced in recent weeks by the initial resumption of low levels of offtake by the Company's European and Ukrainian customers. Cash costs of production continue to benefit from the weaker Ukrainian Hyrvnia, and Ferrexpo continues to trade profitably. \n\n\nMichael Abrahams, Chairman of Ferrexpo, said:\n\n'Ferrexpo continues to perform well in extremely tough trading conditions. The Company has successfully positioned itself as a reliable and flexible iron ore supplier to both the European and Asian markets. We are a cost competitive seller into China, while our proximity to customers in Europe and our strong relationships there has enabled us not only to continue to supply those customers, but also gain market share in that region. The resumption of sales to certain European and Ukrainian customers indicates the start of a slow normalisation of sales conditions in these markets. We expect pricing to remain under pressure in the current quarter and although there is a likelihood of improvements in the market, it is difficult to predict with certainty the outcome in the second half of the year.'\n\n\nFor further information, please contact:\n\nFerrexpo: +44 207 389 8304\nGavin Mackay\n\nFinsbury: +44 207 251 3801\nRobin Walker\nPeter Russell\n\n\nNotes to Editors:\n\nFerrexpo is a Swiss ...