viewInternational Ferro Metals Limited

UPDATE - International Ferro sticks with production forecast


-- adds debt detail, share price--

International  Ferro (LON:IFL) is sticking with a production forecast of 200,000 tonne of ferrochrome this year despite a health and safety shutdown affecting its latest quarter.

Output dropped slightly to 49,085 tonnes in the three months to March, with sales also lower at 51,412 tonnes.

Chris Jordaan, chief executive, said the shutdown affected the metal recovery plant for three weeks in February, but March had seen a marked improvement. 

Conditions in the chrome business  remain challenging, he added, with the benchmark price 6% lower than at the start of 2015.

Europe's increased imports  of stainless steel from China during the quarter have hampered any upward revision of the benchmark price heading into the second quarter.

Electricity prices have also risen in South Africa, offsetting a further decline in the rand. 

Net borrowings increased to R485mln (£27mln) at end March from R451mln at 31 December 2014, and are expected to be remain in the range R480mln to R490mln until October.

International Ferro has a R500mln facility in place with Bank of China until 16 September, but said it would not start talks over rolling it over until much nearer the time.

Shares eased 0.42p to 3.04p.

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