掀开奶罩边躁狠狠躁苏玥视频,无码专区3d动漫精品,去阳台跪着把屁股抬起来,精品国产丝袜黑色高跟鞋


Chinese Steel Production Boosts Assore Bottom Line

  • Tuesday, September 3, 2013
  • Source:

  • Keywords:FeCr ferrochrome
[Fellow]
[Ferro-alloys.com]ASSORE reported headline earnings for the year to June 30th 2013 fell 4.7% on the previous year to ZAR 3.5 billion mainly on a drop in the headline earnings of iron ore‚ manganese and chrome miner Assmang in which Assore holds a 50% interest. Assmang’s headline earnings fell 7.1% to ZAR 6.5 billion from last year.

Increased turnover‚ however resulted in higher commissions being earned by the group‚ partly limiting the decline in overall headline earnings. Assmang sells raw material to steel mills and alloy plants worldwide.

Assmang’s headline earnings were negatively affected by lower US dollar selling prices for iron ore. However‚ this was mostly offset by a weaker rand to dollar exchange rate and a rise in sales of iron and chrome ores.

Group products were mainly sold in China‚ wherecrude steel production was at record levels in the second half of the financial year. This boosted Assore’s headline earnings from ZAR 1.1 billion in the H1 to ZAR 2.4 billion in the following 6 months.

Mr Desmond Sacco chairman of Assore said that "Despite difficult market conditions‚ we produced results that are consistent with last year‚ mainly due to record iron ore sales volumes."

The chrome division saw record sales ofchrome ore after the suspension by Assmang of charge chrome production at Machadodorp in Mpumalanga. This was because of depressed global market conditions for ferrochrome and also the increasing cost of electricity in South Africa. Meanwhile‚ Assmang recorded an impairment charge of ZAR 312 million against furnaces and associated equipment in its manganese and chrome divisions‚ as these had become unprofitable to operate.

The bulk of ZAR 4.1 billion of group capital expenditure was in Assmang‚ down from ZAR 4.5 billion last year. In June‚ the group got conditional approval for the USD 328 million construction of JV manganese alloy smelting facility in Malaysia‚ made up of Assmang as majority shareholder‚ and Sumitomo and China Steel.

Assore expected global crude steel production to fall in the short term‚ which‚ together with more Australian iron ore becoming available was expected to put pressure on iron ore prices. New South African entrants into the manganese ore market are putting pressure on prices of medium grade manganese ore. This has also negatively affected prices of high grade ore.
  • [Editor:editor]

Tell Us What You Think

please login!   login   register
Please be logged in to comment!
主站蜘蛛池模板: 兴山县| 武穴市| 长乐市| 阜宁县| 文山县| 滦平县| 庆城县| 江口县| 志丹县| 铜鼓县| 赤水市| 水富县| 甘肃省| 阿拉尔市| 独山县| 隆德县| 滦南县| 白城市| 奉化市| 睢宁县| 如东县| 阿巴嘎旗| 和龙市| 吉木萨尔县| 敦化市| 邢台县| 永吉县| 望都县| 兴城市| 兴和县| 深水埗区| 皮山县| 涞水县| 淮阳县| 黄冈市| 静安区| 日土县| 巴彦淖尔市| 托克逊县| 晋中市| 灯塔市|