7th Nov 2013 11:34
LONDON (Alliance News) - International Ferro Metals Limited Thursday said its sales volumes and production increased in its third quarter as both of its furnaces became operational.
The ferro-chrome producer, with operations in South Africa, said its sales volumes increased 39% to 52,249 tonnes for the three months ended September 30 from 37,665 tonnes in the previous quarter.
The company said it increased ferro-chrome production by 47% to 57,849 tonnes for the three months period from 39,454 tonnes.
Ferro-chrome is an alloy of chromium and iron and is used in the production of stainless steel, which relies on ferro-chrome for its appearance and to reduce corrosion.
International Ferro said it increased its stockpile to 15,550 tonnes from 9,950 tonnes during the quarter. It said it has achieved 88% of its targeted production cost savings.
The company also said it saw a lower-than-expected increase in net borrowings to ZAR393 million at September 30.
International Ferro Metals shares were up 2.7% to 9.37 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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