On August 3, Swiss-headquartered resources company Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for the first six months of the 2011, posting a 62 percent increase in the first half revenue due to higher prices.
Ferrexpo has reported a record EBITDA of $401 million for the given period, with an 86 percent increase compared to the same period of the previous year. Pellet production of Ferrexpo in H1 decreased by 2.1 percent year on year to 4.8 million mt.
In the given period, sales volumes were reported at 4.7 million mt. In accordance with Ferrexpo's strategy, the majority of sales continued to be under long-term framework agreements.
Ferrexpo's current mining operation, Ferrexpo Poltava Mining, produced 4.4 million mt of pellets from its own ore in the first half of the year.
Regarding the outlook for the remainder of the year, Ferrexpo expects demand for iron ore to remain strong in the medium term while supply is slow to respond. Ferrexpo also announced that it will continue to invest in its growth projects and to manage its costs.