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Ferrexpo trades well in spite of pricing pressures

FERREXPO, the Ukrainian iron ore producer, said yesterday it was trading profitably, despite spot prices remaining under pressure.<br /><br />The London-listed company also advised shareholders to vote against a proposal to appoint two members to the board from its new shareholder which has a stake of around 10 per cent.<br /><br />&ldquo;Ferrexpo continues to perform well in extremely tough trading conditions. Cash costs of production continue to benefit from the weaker Ukrainian hyrvnia, and Ferrexpo continues to trade profitably,&rdquo; chairman Michael Abrahams said.<br /><br />Sales volumes in April were 898,000 tonnes, more than its production in the month.<br /><br />&ldquo;Importantly the company is now seeing a tentative recovery in demand from its core customers,&rdquo;analyst Michael Rawlinson at Liberum Capital said.