IFL losses grow as ferrochrome output slips

21st Feb 2011 15:45

Lower ferrochrome output resulted in bigger losses at International Ferro Metals in the half year to 31 December.IFL posted a pre-tax loss of 160m rand (£13.7m) for the period, against 145,000 rand over the same period the previous year. Revenues fell to 851m rand from 982m, on sales volumes that declined to 104,000 tonnes from 120,000.However, the ferrochrome market is improving, IFL said."The global ferrochrome market is strengthening as demonstrated by demand increasing in line with higher stainless output, tightness in supply and increasing spot prices," said IFL chief executive David Kovarsky. "IFL has commenced preparatory work on the furnace upgrade, the conclusion of which is expected to increase our production volumes to nameplate capacity, increase efficiencies, and decrease costs."