LONDON (dpa-AFX) - Switzerland-based iron ore pellet producer Ferrexpo Plc (FXPO.L), Friday reported a 10 percent increase in the total pellet production from own ore for the first quarter, from the comparable period last year. The total pellets produced for the first quarter were 2,551.4 tonnes, compared with 2,534.1 tonnes during the same period last year.
For the three month period, sales volumes of pellets were up 15 percent to 2,565 thousand tonnes, from the sales of 2,238 thousand tonnes of pellets during the first quarter last year.
Michael Abrahams, Ferrexpo Chairman said, 'Ferrexpo has performed creditably in the first quarter of the year despite concern of impending overcapacity in the global steel sector and local difficulties associated with VAT in Ukraine. The Yeristovo mine is building up production output and is set to reduce the Group's overall operating costs.'
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