OREANDA-NEWS  On 21 October Ferrexpo announced that its 9M08 pellets output rose by 3.2% y-o-y to reach 7.1 mmt, while September output was stable m-o-m at 841 kt, a historical maximum output for the company. The company increased its output of high grade 65% Fe pellets by 9.5% to 3.0 mmt, indicating a move towards high-quality products in its structure.

Ferrexpo is currently trading at 2.4 and 1.7x EV/EBITDA for 2008E and 2009, implying an average discount to pure play iron ore peers of 40%.