Ferro sees loss limited to R500m

Johannesburg - South Africa's International Ferro Metals Ltd forecast its full-year loss not to exceed R500m and said that its Chief Financial Officer Dion Cohen stepped down.

The company appointed Jannie Muller as chief financial officer effective immediately, it said in a statement.

IFM now expects turnover for the year ending in September to be R780m.

The company said it planned to restart its second ferrochrome furnace in mid-August due to the increased demand from China's steel industry, which is operating at near capacity.

It has also decided to resume its underground mining operations, the company said.

IFM shares were up 9% at 42.75 pence at 0725 GMT on the London Stock Exchange.

-Reuters