Zaporizhzhya Ferroalloy (ZFER) Reports Losses of USD 25.4 In 2004

ZFER’s sales grew 71.5% to 328.1 mn last year. Silicomanganese made up the largest portion of the company’s sales at 64%. Concorde Capital:We believe transfer pricing was the main reason the company was a loss making enterprise last year, as it purchased manganese ore at above market prices. Zaporizhzhya Ferroalloy, as well as Ukraine?s two manganese GOKs, are controlled by Privat group.