Weak demand and prices hit ENRC

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The Independent Online

FTSE 100 Kazakh miner ENRC warned yesterday that its revenue decreased "significantly" in the first quarter, as the group was hit by weak demand and declining prices.

ENRC said sales of iron ore and ferroalloys – iron alloys used in steelmaking – suffered in the first quarter, compared to the year earlier, with its alumina and aluminium divisions also declining.

Labour and energy costs were continuing to rise, but only by the expected amount, ENRC added.

Its shares rose 13.5p to 537.5p.