Swiss-headquartered miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its production results for the third quarter and the first nine months of 2026.
In the third quarter of this year, the company's total commercial production moved down by 19.0 percent compared to the second quarter to 779,975 mt. In particular, the company's output of pellets totaled 656,650, decreasing by 23.6 percent quarter on quarter.
In the first nine months, Ferrexpo's total commercial production totaled 2.33 million mt, down by 53.9 percent, while its pellet output was 2.04 million mt, down by 27.3 percent, both year on year.
In the third quarter, the company's 67 percent Fe grade direct reduced pellet production declined by 13.4 percent to 141,220 mt, while 65 percent Fe grade premium pellet output fell by 26 percent to 515,430, both compared to the previous quarter. Meanwhile, in the January-September period, Ferrexpo's 67 percent Fe grade direct reduced pellet production rose by 272.1 percent to 304,391 mt, while 65 percent Fe grade premium pellet output fell by 36.3 percent to 1.74 million mt, both year on year.
Ferrexpo stated that the temporary suspension of production in August and the restart of one pellet production line in September contributed to the lower quarterly output. The company completed an equity fundraising of approximately $100 million in September, following shareholder approval on September 21. According to Ferrexpo, the proceeds strengthened its balance sheet and enabled production activities to resume.
Black Sea logistics disruptions continue to restrict exports
Despite the production restart, Ferrexpo stated that its operations remain significantly below pre-war capacity due to restricted access to Ukrainian ports and limited export opportunities.
The company also reported that negotiations for a secured trade finance facility remain at an advanced stage. However, disruptions along its Black Sea export route have delayed the conclusion of definitive agreements, as they affect its ability to deliver shipments under the associated sales contract.
