Ferrexpo finishes 2009 on a high note

15th Jan 2010 08:46

Iron ore producer Ferrexo saved the best to last in 2009, with output in the fourth quarter being the best of the year.Pellets produced from the company’s own materials totalled 2.24m tonnes in the fourth quarter, up 21.7% on output in the final quarter of 2008 but down slightly on the 2.25m tonnes in the third quarter of 2009.Higher grade 65% Fe pellet output was up by 5.9% from the preceding quarter, however, and was up by 7.2% over the full year.The company said it continued to produce at full capacity for the third quarter in a row at the end of the year.Sales volumes in 2009 topped 2008 levels and also exceeded 2009 production volumes. Around 86% of sales in the fourth quarter were made to existing long term customers, with the remaining 14% or so going to strategic customer trials in Japan, Western Europe and India.‘The slow but steady recovery in European steel markets and the quality of our customer relationships are highlighted by the fact that we have been able to switch our sales back to our portfolio of long term contract customers, which has enabled the group to finish a challenging year on a high note,’ said the company’s chief executive officer, Kostyantin Zhevago.