Export sales boost Kumba earnings 90%

KUMBA Iron Ore (South Africa) posted strong interim results yesterday, with a 90% jump in headline earnings to a record R6,5bn and a firm grip on costs.

The company declared a dividend of R13,50 per share after export sales in the six months to June jumped 10% year on year to 18,8-million tons. Domestic sales, which go to ArcelorMittal SA , were up 10% at 2,2-million tons.

European, Japanese and Korean steel mills raised their first-half production to 173-million tons— a 45% increase from a year earlier. China grew far more quickly than Kumba’s traditional markets, rising 21% to 323-million tons, well above the 262-million ton mark a year ago.

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http://www.businessday.co.za/articles/Content.aspx?id=115710