Ukraine-based iron pellet producer Ferrexpo climbed to the top of the FTSE 250 movers after it announced an interim dividend of 3.3 US cents, its first payout since August 2022.
Lucio Genovese, executive chair said: "We exceeded our expectations in 2023 thanks to improved demand, production optimisation and higher iron ore prices.
"After paying taxes, maintenance and expansion capital, our year-end financial position is stronger than at the start of the year.
"The new year has also started well for the iron ore industry with signs of an increase in pellet demand, providing the confidence to restart a second pellet line to meet export demand."
Last Ferrexpo reported fourth-quarter iron ore production of 677 thousand tonnes and a total of 4.1 million tonnes for 2023.
The group added it plans to start up an additional pellet line and resume exports via the Black Sea export corridor, provided it is safe and cost-effective.
“It is also encouraging to note that iron ore prices strengthened over 20% during the final quarter,” said Genovese.
Shares rose 7.45p to 79.9p.