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Johannesburg - London-listed ferrochrome producer with
operations in South Africa, International Ferro Metals (IFM) reported a wider
full-year loss, hurt by lower ferrochrome sales volumes and a strengthening
rand.
Sales of ferrochrome - used in stainless steel to prevent
corrosion - fell 2% to 186 963 tonnes. Production fell about 3% to 194 869
tonnes.
"The rise of stainless steel production, especially in
China, is inevitable. Consequently demand for ferrochrome should resume a
favourable upward trajectory eventually," the company said in a statement.
Global ferrochrome production will rise above 10 million
tonnes and demand will soar to 9.5 million tonnes in 2012, Cengiz Onal, sales
manager for Turkish ferrochrome producer Eti Krom said last week.
For the year to end-June, IFM's loss widened to R214m from
R157m.
Revenue rose 10% to R1.58bn, helped by ore sales of R179m.
Shares of the company closed at 16.75 pence on Friday on the London Stock Exchange, valuing the business at about £92.8m.
