Ferrexpo enjoys better Q3

13th Oct 2009 07:27

Ukrainian iron ore producer Ferrexpo had a strong third quarter, producing at full capacity through the period and increasing 65% Fe pellet output as demand improves.The firm, which saw profits slide 82% in the first half of 2009, said iron pellet production from its own raw materials rose by 0.3% between 1 July and 13 October from the previous quarter.It said it has now settled contract prices with customers representing over 85% of its long term contract portfolio by volume.Demand has strengthened in its core markets as Europe restocks and the global economic outlook improves."Ferrexpo continues to deliver a strong performance despite weak global markets," said chief executive Kostyantin Zhevago."I am very pleased with the progress we have made in switching our sales back to our portfolio of long term contract customers, which returns us to our higher margin core business and highlights the quality of our customer relationships."