Ferrexpo plc today announces its financial results for the six months ended 30 June 2018.

Steve Lucas, Non-Executive Chairman, said:

'Our high quality product is in strong demand reflected in the record price premiums realised during the first half. This has helped offset a lower underlying iron ore price and higher costs driven primarily by rising commodity prices and local inflation. Despite these costs, which are expected to show a further modest increase in the second half of the year, our cash generation has allowed us to increase capex, pay down debt and retain very low leverage while dividends payments made in the first half of 2018 were US$74 million compared to US$39 million in 1H 2017.

'We remain committed to increasing our output which in the near term is on track to increase by 1.5MT to 12MT by 2020. Thereafter, Ferrexpo is one of the few pellet producers globally which is able to increase output significantly on a low risk basis. This will ensure the Group's long-term future as one of the world's leading, premium pellet producers.

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Ferrexpo plc published this content on 02 August 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 02 August 2018 06:11:22 UTC