International Ferro Metals Ferrochrome Sales Down 13% On Quarter

By Michael Haddon Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Mining company International Ferro Metals Ltd. (IFL.LN) Tuesday reported a decrease in ferrochrome sales during the three months ended June 30, but said greater operational efficiencies should increase production levels and lower costs. The London-listed ferrochrome producer sold 55,433 metric tons of the metal--a key ingredient for preventing corrosion in stainless steel--during its fourth quarter, compared with 64,063 tons in the previous quarter. IFM produced 51,331 tons of ferrochrome from its operations in South Africa during the fourth quarter, down from 54,394 tons during the previous quarter, but up from the 18,437 tons produced in same quarter last year. The company can produce around 265,000 tons of ferrochrome a year at full capacity, and said this quarter's reduction was due to ore feed inconsistencies and an unscheduled shutdown for four days to repair a furnace roof. Since the beginning of July furnace production has significantly improved as a result of more consistent ore feed and more stable furnace conditions resulting from the repaired roof, IFM said. The company's shares closed at 27 pence Monday. -By Michael Haddon, Dow Jones Newswires; 4420-7842-9289; michael.haddon@dowjones.com (END) Dow Jones Newswires July 20, 2010 02:26 ET (06:26 GMT)