High electricity prices and low iron ore markets hit margins
Ukraine-focused iron ore producer Ferrexpo reported a sharp drop in output in "very challenging" conditions caused by the ongoing war.Ferrexpo reported total commercial production in the September quarter at 1.40MT, down 16.4% year-on year."For Ferrexpo's operations, the third quarter presented a very challenging operating and macroeconomic environment," Lucio Genovese, Ferrexpo's interim executive chair said.
"Encouragingly, late in the period, prices began to recover on the back of an improvement in sentiment, spurred on by announcements of economic stimulus measures in China."Speaking on the iron ore price, Ferrexpo chief financial officer Nikolay Kladiev was also cautiously optimistic. "It is encouraging to note that in the final days of September, the Chinese stimulus measures, notably the removal of home purchase restrictions provided welcome support for iron ore prices.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Awake Mode X John Lewis Brings High Fashion To The High StreetA first look at Awake Mode X John Lewis. Vogue speaks to Awake Mode’s founder and creative director, Natalia Alaverdian, about the new collaboration, launching on 17 October.
Read more »
Significant global cardiovascular risk linked to high lipoprotein(a) levelsReview in The Lancet finds that one in five globally are at risk of contracting cardiovascular diseases, because they carry a genetic risk of high levels of a specific lipoprotein, which can be tested for and possibly treated.
Read more »
High Court decision expected on Whitehaven coal mine planLegal challenges against the project were submitted by environmental campaigners.
Read more »
Coventry City owner Doug King is aiming high – with a healthy dose of realityEver since he took over from former owners Sisu, King has worked hard to rid the club of past trauma. He speaks to i's Daniel Storey
Read more »
Insurers named and shamed for STILL hitting customers with crippling high interest rates for paying monthly...Five ways to cut your insurance costs
Read more »
High pressure, long days, crushing workloads: why is investment banking like this?Bespoke banking can never be nine-to-five
Read more »