On Thursday, January 21, International Ferro Metals, South African producer of ferrochrome (an essential ingredient in stainless steel issued production), released its production results for the three months up to December 31, 2009, corresponding to the second quarter of the fiscal year 2009-10 in South Africa.
The company produced 57,942 mt of ferrochrome during the period in question, up 85 percent year on year, following the successful start-up of its second furnace in August 2009
Ferrochrome sales volumes were up 61 percent year on year to 34,553 mt for the three months, reflecting the suspension of production which took place in November 2008
International Ferro Metals's ferrochrome inventory was 32,504 mt on December 31 last, reflecting management's decision to increase inventory above normal levels.
The producer's electricity co-generation plant is on schedule and on budget for commissioning during the second half of calendar year 2010.
Net cash balance was ZAR 248 million on December 31, 2009, compared to a net cash balance of ZAR 433 million on September 30, 2009.