Wednesday, International Ferro Metals Limited (IFL.L) said that ferrochrome sales for the September quarter were down impacted by lower demand and traditional softness in the quarter. Consequently, the company said it intends to cut production and delay expansion plans until the outlook becomes less uncertain.
In addition, the company said that Stephen Turner would step down as Chief Executive Officer effective December 31, and the current Managing Director, David Kovarsky, would replace Turner at the same time.
Ferrochrome sales for the third quarter were 28,025 tonnes, compared to 29,450 tonnes in the same period last year, while production rose 41% to 59,470 tonnes from the comparable quarter last year.
Looking ahead, the company said that the near and medium term outlook for ferrochrome demand remains uncertain and that it plans to reduce current ferrochrome production by up to 40%, effective December 1.
Additionally, the company announced management changes with Stephen Turner, Chief Executive Officer and Tony Grey, Executive Chairman stepping down from their current executive roles to non-executive positions, effective December 31. Turner would become Non-Executive Deputy Chairman, while Grey would serve as Non-Executive Chairman.
Currently, the stock is down 2.00 pence, trading at 24.00 pence on the London Stock Exchange.
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