AGM Trading Statement


 

TIDMFXPO 
 
RNS Number : 4602S 
Ferrexpo PLC 
19 May 2009 
 
FERREXPO? 
19 May 2009 
 
 
 
 
AGM Trading Statement 
 
 
Ahead of its Annual General Meeting later today and further to the Interim 
Management Statement released on 15 April 2008, Ferrexpo plc ("Ferrexpo" or "the 
Company") is pleased to update the market on its current trading. 
 
 
Ferrexpo continues to produce at full capacity, and is successfully selling its 
entire production. Sales volumes in April were 898kt, exceeding the Company's 
production in that month. Spot prices for iron ore sold into China remain under 
pressure on an FOB basis, primarily as a result of high freight rates from the 
Black Sea to China. However, reliance on the seaborne spot market for the 
placement of sales volumes has been reduced in recent weeks by the initial 
resumption of low levels of offtake by the Company's European and Ukrainian 
customers. Cash costs of production continue to benefit from the weaker 
Ukrainian Hyrvnia, and Ferrexpo continues to trade profitably. 
 
 
 
 
Michael Abrahams, Chairman of Ferrexpo, said: 
 
 
"Ferrexpo continues to perform well in extremely tough trading conditions. The 
Company has successfully positioned itself as a reliable and flexible iron ore 
supplier to both the European and Asian markets. We are a cost competitive 
seller into China, while our proximity to customers in Europe and our strong 
relationships there has enabled us not only to continue to supply those 
customers, but also gain market share in that region. The resumption of sales to 
certain European and Ukrainian customers indicates the start of a slow 
normalisation of sales conditions in these markets. We expect pricing to remain 
under pressure in the current quarter and although there is a likelihood of 
improvements in the market, it is difficult to predict with certainty the 
outcome in the second half of the year." 
 
 
 
 
For further information, please contact: 
 
 
Ferrexpo:              +44 207 389 8304 
Gavin Mackay 
 
 
Finsbury:               +44 207 251 3801 
Robin Walker 
Peter Russell 
 
 
 
 
Notes to Editors: 
 
 
Ferrexpo is a Swiss headquartered resources company with assets in Ukraine, 
principally involved in the production and export of iron ore pellets, used in 
producing steel. Current output is over 9 million tonnes, most of which is 
exported to steelmakers around the world. The Group is listed on the main market 
of the London Stock Exchange under the ticker FXPO. For further information 
please visit www.ferrexpo.com. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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