International Ferro to crank up production

23rd Jul 2009 09:48

Ferrochrome producer International Ferro Metals (IFL) has decided to restart production from its second furnace to cope with demand from China.The UK-listed firm will get things going again in mid-August, with full ramp-up expected by mid-September."International Ferro Metals has watched carefully the development of the global ferrochrome market and the board has decided the time is right to restart production to serve the increased demand from China where the steel industry is now operating at near capacity," said boss David Kovarsky.The group also cautioned that a decline in global demand and prices as well as adverse exchange rate movements during the year ended 30 June will affect the results, due out on 14 September.IFL expects to report a loss before tax of no more than ZAR 500m (£39.4m)on turnover of about ZAR 780m (£61.4m).In addition, finance chief Dion Cohen has been replaced with Jannie Muller.