Ferrexpo warns of Chinese slowdown
Wednesday 12 March 2014
Ukrainian iron ore miner Ferrexpo warned the political standoff between Ukraine and Russia poses less of a threat to business than a slowing Chinese economy.
The London-listed and Swiss-based company — which owns Europe’s biggest deposits of the commodity and is the fifth biggest supplier of iron ore pellets to the global steel industry — extended its “deepest sympathies” to those affected by the crisis but said there had so far been no disruptions to its operations in the country.
A bigger concern is the fall in iron ore prices, which slumped this week amid mounting signs of an economic slowdown in top consumer China. The cost of higher grade pellets has been less affected as steelmakers seek premium iron ore to meet environmental standards, but Ferrexpo expects prices will be “volatile for the remainder of the year”.
The miner still cheered investors as underlying earnings rose 25% to $506 million (£305 million) in 2013, beating City forecasts. The firm is paying a special dividend of 6.6 cents per share on top of a final dividend of 3.3 cents per share.
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Cheryl Cole officially 'the most dangerous celebrity' on the internet
Ebola virus in the US: What are the symptoms, what is it and is there a cure?
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...