Ferrexpo Full-Year Profit Increases 34% as Iron-Ore Prices Rise

Mar 14, 2012 -- Ferrexpo Plc (FXPO), a producer of iron ore in Ukraine, said full-year profit rose 34 percent after it mined more of the steelmaking ingredient and prices gained.

Net income climbed to $567.8 million in 2011 from $422.9 million a year earlier, Baar, Switzerland-based Ferrexpo said today in a statement. Sales rose 38 percent to $1.79 billion.

The benchmark price for iron ore imported to China, the largest consumer of the material, averaged $167.60 a metric ton in 2011, compared with $146.70 a ton a year earlier, according to The Steel Index data. Ferrexpo shipped 28.2 million tons of ore, an 11 percent increase from the prior year.