Ferrexpo sees improved net profit for 2011

Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for 2011, reporting that sales volumes and average pricing reached record levels.
 
Ferrexpo's net profit increased by 35.2 percent to $575 million compared to the previous year. Revenues of the company reached $1.7 billion, up 38 percent year on year. In 2011, Ferrexpo's EBITDA increased to $801 million, compared to $585 million in 2010.
 
In 2011, Ferrexpo produced 9.1 million mt of pellets from its own ore, compared to 9 million mt of pellets in 2010. Ferrexpo's sales volumes in 2011 increased by 2.06 percent year on year to 9.9 million mt of pellets. Approximately 76 percent of the sales volume from the company's own ore was based on long-term supply agreements.
 
In 2011, Ferrexpo more than doubled its capital expenditure investing US$378 million, compared to $167 million in 2010.