Swiss-headquartered miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced that it has restarted production at its operations in Ukraine following its recently announced $100 million fundraising.
The company raised approximately $100 million through an equity fundraise to meet working capital requirements and maintain operations at a reduced level for the next 18 months, as SteelOrbis previously reported.
The company said it intends to focus on exports to its customers in Europe, given the ongoing attacks on ports and vessels in the Black Sea.
The company's net loss widens for 2025
Ferrexpo has also announced its financial results for 2025. In the given period, Ferrexpo recorded a net loss of $224 million in 2025, widening significantly from its $50 million loss in 2024, amid lower realized prices and operational disruptions. The company's revenue decreased by 16 percent year on year to $787 million in 2025. Ferrexpo attributed the decline mainly to lower realized prices and a higher share of iron ore concentrate in its sales mix, with concentrates generating lower revenue than pellets. The company's underlying EBITDA declined by 60 percent to $28 million, from $69 million in the previous year, reflecting lower sales volumes and the increased contribution of lower-margin iron ore concentrate sales. Its underlying EBITDA margin consequently fell to three percent from seven percent.
