International Ferro Metals
Encyclopedia
International Ferro Metals is a leading Australia
n-based ferrochrome
producer operating in South Africa
. Its product is used in stainless steel
manufacturing. Listed on the London Stock Exchange
, it is a former constituent of the FTSE 250 Index
.
in 2005. The listing process was initiated after the company gained investment from its strategic investor, also its single largest shareholder, Jiuquan Iron and steel (Group) Company
(JISCO), who now takes an equity interests of approximately 26.1% of the enlarged share capital of the company. Construction on the production facility at Buffelsfontein in South Africa
started in 2005 and it went into full production in 2007. It transferred to the full list of the London Stock Exchange
in 2007.
During the year of 2008 as a result of booming commodity market and appetite for ferrochromes worldwide especially in China IFL recognized a net profit after tax of ZAR
578.2 million and the company declared its maiden dividend of 1 pence per share.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n-based ferrochrome
Ferrochrome
Ferrochrome is an alloy of chromium and iron containing between 50% and 70% chromium.The ferrochrome is produced by electric arc melting of chromite, an iron magnesium chromium oxide and the most important chromium ore. Most of the world's ferrochrome is produced in South Africa, Kazakhstan and...
producer operating in South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
. Its product is used in stainless steel
Stainless steel
In metallurgy, stainless steel, also known as inox steel or inox from French "inoxydable", is defined as a steel alloy with a minimum of 10.5 or 11% chromium content by mass....
manufacturing. Listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
, it is a former constituent of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
.
History
The business was founded in 2002. It was first listed on the Alternative Investment MarketAlternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
in 2005. The listing process was initiated after the company gained investment from its strategic investor, also its single largest shareholder, Jiuquan Iron and steel (Group) Company
(JISCO), who now takes an equity interests of approximately 26.1% of the enlarged share capital of the company. Construction on the production facility at Buffelsfontein in South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
started in 2005 and it went into full production in 2007. It transferred to the full list of the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 2007.
During the year of 2008 as a result of booming commodity market and appetite for ferrochromes worldwide especially in China IFL recognized a net profit after tax of ZAR
South African rand
The rand is the currency of South Africa. It takes its name from the Witwatersrand , the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. The rand has the symbol "R" and is subdivided into 100 cents, symbol "c"...
578.2 million and the company declared its maiden dividend of 1 pence per share.
Operations
The company was two facilities:- Buffelsfontein - in production
- Lesedi - under construction