Ferrexpo profits jump as production booms
Iron ore miner Ferrexpo has enjoyed a jump in profit before tax of 15 per cent to £305m, for the year ended 31 December 2013. Revenue also grew by 11 per cent to £1.5bn.
The company, which has operations in Ukraine, expressed its condolences for those who have been impacted by the political turmoil in the country.
Michael Abrahams, non-executive chairman, said:
We would like to express our profound sadness for the loss of life as a result of the recent political turmoil in Ukraine, and extend our deepest sympathies to the families, communities and colleagues who have been affected.
We are hopeful of a satisfactory political outcome reflecting democratic principles.
Over the course of 2013 Ferrexpo was the fastest growing supplier of volume of pellets to the world's steel industry. Production rose 12 per cent to 10.8m tonnes.
The company believes it is well positioned to cut costs through increased production volumes.