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Growing iron output boosts miner Ferrexpo's earnings

Reuters - UK Focus

LONDON, March 12 (Reuters) - Ukraine-focused iron ore miner Ferrexpo Plc (Other OTC: FEEXF - news) said it was on track to complete its expansion programme as it posted an increase in annual earnings, helped by higher iron ore output offsetting weaker prices for the steelmaking ingredient.

Core (Frankfurt: LJ1.F - news) profit, or earnings before interest, taxes, depreciation and amortisation (EBITDA), at $506 million were up 25 percent from the previous year and ahead of a consensus forecast of almost $477 million, according to Thomson Reuters (Frankfurt: TOC.F - news) I/B/E/S.

In 2013 Ferrexpo produced 10.8 million tonnes of iron ore pellets and exported all its production to Europe and Asia.

It is now targeting a run rate of 12 million tonnes per year in 2014.