Reuters: Hot Stocks: International Ferro expects first-half loss on lower 2nd-qtr output

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International Ferro expects first-half loss on lower 2nd-qtr output Nov 30th 2012, 11:23 Fri Nov 30, 2012 6:23am EST Nov 30 (Reuters) - Ferrochrome producer International Ferro Metals Ltd said it expected to report a loss for the first half, hurt by lower production in the second quarter and weak prices, sending its shares down as much as 22 percent. The company, which has operations in South Africa, said it expected the production of ferrochrome, an essential ingredient in stainless steel, to be about 15 percent lower in the second quarter than in the first quarter due to recurring electrode breaks at two furnaces. Production in the first quarter was about 58,000 tonnes. However, the furnaces had been stabilised and were now operating at full load, the Australia-based company said. International Ferro also said it realised lower-than-anticipated prices due to softness in the global ferrochrome market. Shares in the company were down about 19 percent at 11 pence at 1116 GMT on the London Stock Exchange. They touched a four-year low of 10.5 pence earlier. (Reporting by Karen Rebelo in Bangalore; Editing by Maju Samuel) Link this Share this Digg this Email Reprints

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