Ferrexpo PLC on Thursday said it reinstated dividends as it performed well in 2023 amid higher demand.

The Baar, Switzerland-based iron ore pellet producer with assets in Ukraine highlighted the second half of 2023, which was boosted by improved pricing.

Ferrexpo announced an interim dividend of 3.3 US cents. The last dividend announced before that was an interim dividend of 19.8 cents in August 2022.

Executive Chair Lucio Genovese said: ‘We exceeded our expectations in 2023 thanks to improved demand, production optimisation and higher iron ore prices. After paying taxes, maintenance and expansion capital, our year end financial position is stronger than at the start of the year. The new year has also started well for the iron ore industry with signs of an increase in pellet demand, providing the confidence to restart a second pellet line to meet export demand.’

Ferrexpo shares rose 8.0% to 78.17 pence each on Thursday morning in London.

Copyright 2024 Alliance News Ltd. All Rights Reserved.