Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for the first half of the current year.
In the given period, Ferrexpo recorded a net loss of $196 million, compared to a net profit of $55 million in the first half of the previous year. The sales revenues of the company totaled $452.6 million in the first half, down by 17.5 percent year on year, due to lower realized prices and marginally lower sales volumes. The company’s sales volumes decreased by 1.1 percent to 3.81 million mt, while its EBITDA amounted to $4 million, down by 95.9 percent, reflecting the net effects of an increase in production costs, both compared to the same period last year.
The company’s total pellet production in the first half totaled 2.17 million mt, decreasing by 34.2 percent year on year.
According to Ferrexpo, the outlook for the second half of 2025 is challenging. The company stated that the biggest problem right now is the unpaid VAT refunds and, as long as these are not secured, the company will continue operating at reduced levels.
