Ferro Metals Ltd. (IFM) will keep one of its two furnaces in
South Africa offline for an additional two months under a power
buyback deal with state energy group Eskom Holdings SOC Ltd.,
the company said Jan. 24.
The Sydney-based ferrochrome
producer turned off its furnace Jan. 18 due to maintenance work
that was originally scheduled for Feb. 1.
The furnace will remain offline
between Feb. 1 and March 31, and the company will sell the
conserved electricity back to Sandton, South Africa-based
"The agreement with Eskom
enables the company to assist with South Africas
electricity supply requirements and sell electricity back to
the grid at a financially beneficial rate for the next two
months," chief executive officer Chris Jordaan said.
None of IFMs contractual
commitments will be affected, as its second furnace will
continue to run at full production, the company said. No jobs
will be cut.
IFM is the latest ferroalloys
producer in South Africa to cut capacity under the Eskom
A version of this article
was first published by AMM sister publication Metal