Ferrexpo records best quarterly performance since invasion of Ukraine

Wednesday, 24 April 2024 11:25:47 (GMT+3)   |   Istanbul
       

Swiss-headquartered miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its production results for the first quarter of 2024.

In the first quarter this year, the company’s iron ore production increased by 115.4 percent year on year and was up by 203.2 percent compared to the previous quarter to 2.05 million mt. This is the company’s best quarterly performance since Russia’s invasion of Ukraine.

In addition, the company’s output of pellets totaled 1.81 million mt, increasing by 189.2 percent quarter on quarter with more stable production from each of the pelletizer lines, and was up by 101.3 percent year on year. In particular, Ferrexpo’s output of pellets from iron ore with 65 percent Fe content totaled 1.73 million mt, up 92.2 percent year on year and up 200 percent compared to the fourth quarter. In the first quarter, the company’s total sales volumes amounted to 1.99 million mt.

According to the statement, Ferrexpo continued to produce, transport and sell its products in the given period despite the challenging environment in Ukraine. The company was able to export from Ukrainian ports, allowing it to export larger volumes to Europe and resume sales to MENA and Asian customers.


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